Sensex, Nifty take a pause on profit-booking; IDBI Bank, DHFL, Tata Communications stocks gain

Stock Market Today: After a huge rally on two straight sessions on corporate tax cuts, the Indian indices finally take a pause as stock market investors decided to book profit today. The BSE Sensex edged 7 points up and closed at 39,097 levels, retaining the psychological 39K levels while the 50-stock Nifty ticked 12 points down and closed at 11,588 levels. The Bank Nifty index went down 383 points and closed at 30,183 levels.

Speaking on the Indian stock market outlook Prakash Pandey, MD and CEO at Plutus Advisors said, "This pause in Indian indices rally is mainly caused by the profit booking after the robust rally in last two straight trading sessions. Overall the market sentiment is bullish and Nifty may show 12,000 levels soon as it has taken strong support at 11,420 and Bank Nifty has strong support at 29,700 levels."

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IDBI Bank, Muthoot Finance, DHFL, Take Solutions, Tata Communications, Reliance Capital stocks were the major gaining stocks in the intraday trade session while Ashoka Buildcon, Edelweiss Financial Services, Reliance Communications or RCom, Suzlon Energy and SBI shares were the major losing stocks today.

Metal stocks led the bloodbath at Dalal Street as the BSE Metal index went down near 1.75 per cent in the intraday trade session. Metal major JSW Steel share price went down 4.17 per cent, shares of Jindal Steel & Power crashed 3.9 per cent, National Aluminium Company or NALCO shares shed 3.83 per cent, Steel Authority of India (SAIL) stocks went down near 2 per cent while Tata Steel stocks went off 1.87 per cent.

Banking stocks also witnessed heavy profit booking as the BSE Banking index went down around 1.25 per cent. Banking major State Bank of India or SBI share price crashed over 4 per cent, shares of Axis Bank went down 3.17 per cent, ICICI Bank share price corrected to the tune of near 0.85 per cent while Kotak Mahindra Bank shares shed around 1.6 per cent.

Among major Asian indices, the Japanese Nikkei went up 0.09 per cent, South Korean Kospi went up 0.45 per cent, Hang Seng surged 0.22 per cent while the Shanghai markets soared 0.28 per cent.