Stock Market: On account of heavy selloff taking place at Wall Street in the US stock market yesterday, the entire Asian markets went down heavily today that includes Indian indices. The BSE Sensex lost 1203 points and closed at 28,265 levels while the 50-stocks NSE Nifty index dipped 340 points and closed at 8,257 levels after the Closing Bell. The Bank Nifty index nosedived 925 points after closing at 18,218 levels.
Speaking on the stock market of India; Prakash Pandey, MD & CEO at Plutus Advisors said, “This slide in the Indian indices is mainly due to the losses taking place at Wall Street indices yesterday after the rise in Coronavirus spread in America. Nifty has closed below 8,300 levels which was strong support. Now, tomorrow’s opening will be crucial because if Nifty fails to come above 8,300, the Indian indices may further go down bearish up to 8,000 levels.”
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Shares of SBI, Reliance Industries, HDFC Bank, Tata Motors, Axis Bank, Yes Bank, Bajaj Finance, IndusInd Bank and TCS were among the most trending stocks throughout the intraday trade session while shares of Bajaj Finance, IndusInd Bank, Kotak Mahindra Bank, Housing Development Finance and ICICI Bank were among the most active stock in the intraday trade session.
Banking stocks received heavy beating as the FIIs had gone negative in the intraday trade that sparked a heavy selloff in the banking stocks. Banking major State Bank of India or SBI share price crashed 5.41 per cent, Kotak Mahindra Bank shares bleed 8.55 per cent, shares of City Union Bank nosedived 7.79 per cent, Axis Bank stock price crashed to the tune of near 5 per cent, ICICI Bank stocks went off 4.16 per cent while HDFC Bank counter dipped 3.71 per cent.
IT and Tech stocks also feel the heat of FII’s selloff pressure. It major Infosys share price crashed over 5.5 per cent, Tech Mahindra shares nosedived 0ver 9.25 per cent, shares of Wipro went off 3.48 per cent, Tata Consultancy Services or TCSs stock price went down 6.23 per cent, NIIT stocks went off 4.75 per cent, MindTree scrip crashed 9.21 per cent while HCL Technologies share price went off 4.93 per cent in the intraday trade session.