Closing Bell: Sensex, Nifty trade sideways on neutral FII, global cues; RIL, Bharti Airtel, GAIL stocks gain

On account of neutral foreign institutional investors (FIIs) and global sentiments, the Indian indices trade range-bound throughout the intraday trade on Thursday. The BSE Sensex edged 21 points higher to 38,607 levels while the index Nifty added 18 points after closing at 11,603. Index Nifty Bank lost 11 points after closing at 29,786 levels. Reliance Industries or RIL stocks jump around 1.5 per cent, Bharti Airtel counter went northward over 2 per cent while the oil and gas major GAIL stocks rose over 1.5 per cent.

Terming markets as 'overall bullish' Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business online, "The market is in range bound and the index Nifty has strong support at around 11,560 levels with strong resistance at 11,750. Since the overall market is bullish, I would advise traders to buy on dips rather getting panic from 150-200 points correction at the Sensex."

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Energy stocks led the rally at Indian indices. The BSE Energy index went up over 1 per cent from the previous close. Energy major Asian Oilfield Services went up 2.89 per cent, BPCL stocks rose over 1 per cent, Gujarat Gas stocks shot up over 2.5 per cent, HPCL scrip went up near 1.9 per cent. 

Telecom stocks witnessed fresh buying on Thursday. Telecom major Tejas Networks shot up 3.94 per cent, Vindhya Telelinks shares scaled over 3.5 per cent, MTNL counter surged 3.8 per cent while Himachal Futuristic Communications scrip added over 1 per cent. But GTL Infrastructures counter crashed near 4.7 per cent while Reliance Communications or RCom counter crashed near 5 per cent.

Asian stocks witnessed mixed trend on neutral global cues. Japan's Nikkei 225 index nudged 0.07 per cent higher, South Korean Kospi was in no profit no loss position, Hang Seng rashed around 1 per cent while the Shanghai bourses dipped 1.6 per cent.