Stock Market
Market blues! Sensex opens slow as IT and private bank stocks drag indices down
Mumbai/IBNS: The Indian stock market on Monday opened slower as the market was dragged down primarily by the losses in IT and private bank stocks, media reports said.
The BSE Sensex opened with a dip by 150 points to 83,788 while NIFTY 50 tanked by 59 points to 25,663.
Among the top gainers in the stock-specific section were Tata Motors PV, Mahindra & Mahindra (M&M) and Bharat Electronics.
Axis Bank, Bajaj Finance and Maruti Suzuki led the stocks which tanked.
In the early trading, Maruti Suzuki's shares fell by three percent even after the automaker reported an eight percent rise in the year-on-year in profit after tax in the last quarter (July-September).
The firm has also reported a rise in year-on-year sales by 8.4 in October.
Majority of the sectoral indices rose in the early trading driven by public sector banks, realty and midcap stocks.
IT and FMCG have reported a subtle decline.
Stock market guru Anil Singhvi is anticipating a strong support for Nifty50 index at 25,575-25,670 levels and a strong buy zone at 25,425-25,500 levels on Monday, November 3, Zee Business reported.
He sees support for the Nifty Bank emerging at 57,425-57,625 levels and a strong buy zone at 57,050-57,250 levels, report says.
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