Sensex, Nifty slips on weekend profit booking; Vedanta, Oberoi Realty, Suzlon Energy stocks bleed

Stock Market News: On account of weekend profit booking by the FIIs in metal, realty, auto and healthcare stocks, the Indian indices went down in the intraday trade around half a per cent. The BSE Sensex crashed 167 points in the closing bell and closed at 38,822 while the 50-stock Nifty dipped 58 points and closed at 11,512 levels. Bank Nifty index slipped 125 points and closed at 29,876 levels. 

Speaking on the Friday losses at the Indian indices Prakash Pande, MD and CEO at Plutus Advisors said, "These losses are mainly caused by the weekend profit booking. Overall the market is still bullish and Nifty has a strong support at 11,420 levels and any dip in the market should be seen as a buying opportunity as the Nifty is poised to showcase 12,200 levels in the coming one month."

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Vodafone Idea, Reliance Communications or RCom, Bharti Airtel, JaiprakashAssociates and SBI Life Insurance stocks were the major gaining stocks today while Suzlon Energy, Indiabulls Real Estate, Graphite India, IDBI Bank, Reliance PowerJindal Steel & Power stocks were the major losers in the intraday trade.

Metal stocks led the bloodbath in the intraday trade as the BSE metal index dipped 2.77 per cent today. Metal major Vedanta share price crashed 5.39 per cent, shares of Jindal Steel & Power went southward 5.79 per cent, Tata Steel shares nosedived 4.4 per cent, Steel Authority of India or SAIL counter slipped 3.36 per cent, JSW Steel scrip went off 1.64 per cent while Hindalco Industries stocks corrected 2.6 per cent.

Among major Asian markets, the Japanese Nikkei 225 index went down 0.77 per cent, South Korean Kospi crashed 1.19 per cent, Hang Sang dipped 0.33 per cent while the Shanghai index ticked 0.11 per cent northward.