Stock Market News: On account of Coronavirus spread news in India, the Indian indices failed to cheer the surprise Fed rate cut by 0.50 per cent. The BSE Sensex crashed 214 points and closed at 38,409 levels while the Nifty index nosedived 52 points and closed at 11,251 after the Closing Bell trade session. Bank Nifty index tanked 523 points and closed at 28,653 levels.
Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, “The market is overall weak and Nifty has strong resistance at 11,300. It is currently at the support of 11,100 and once it breaks down below 11,100, we may witness it going down up to 10,900.” She said that due to the Coronavirus spread news in India, even the quality stocks are facing the heat of heavy selloff.
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Shares of Tata Motors, SBI, IRCTC, Reliance Industries, Indiabulls, Yes Bank, Sun Pharma and Motherson Sumi Systems were among the most trending stocks throughout the intraday trade session while shares of Bajaj Finance, Axis Bank, Housing Development Finance and HDFC Bank were among the most active stocks throughout the intraday trade session.
Banking stocks witnessed maximum selloff as the BSE Bankex went down 1.72 per cent in the intraday trade session. Banking major Yes Bank share price crashed 6.24 per cent, IndusInd Bank shares nosedived 3.85 per cent, shares of HDFC Bank went off 2.74 per cent, State Bank of India or SBI stock price went southward 1.57 per cent while ICICI Bank stocks dipped 1.54 per cent.
Realty stocks also had to came across Coronavirus heat as the BSE Realty index went down 1.17 per cent after the Closing Bell trade session. Realty major Sunteck Realty share price crashed 2.75 per cent, Prestige Estates Projects shares dipped 2.82 per cent, shares of Oberoi Realty went down near 2 per cent, Godrej Properties stock price went southward 1.54 per cent while the DLf stocks went off 1.40 per cent.
Among the major Asian indices, the Japanese Nikkei 225 index went up 0.08 per cent, South Korean Kospi surged 2.24 per cent, Hang Seng went down 0.24 per cent while the Shanghai index soared 0.63 per cent after the Closing Bell.