Stock Market News: On account of Coronavirus fear, the Indian indices went down after opening on a robust note in the early morning trade session. The BSE Sensex closed 153 points down at 38,144 after the Closing Bell trade session while the Nifty index closed 69 points down at 11,132 levels. Bank Nifty index dipped 278 points and closed at 28,868 levels after the Closing Bell trade session.
Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, “This slide in the Indian stock market is mainly due to the Coronavirus fears. It is expected to continue to impact the global indices and hence overall the market trend is expected to remain bearish. Currently, Nifty has strong resistance at 11,300 levels and any rise around these levels should be seen as an opportunity to sell.”
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Shares of SBI, Tata Motors, Reliance Industries, Indiabulls, Yes Bank, IRCTC, Tata Steel, GAIL, ICICI Bank and TCS were among the most trending stocks in the intraday trade session while shares of ICICI Bank, Bajaj Finance, Axis Bank, HDFC Bank and Housing Development Finance were among the most active stocks throughout the intraday trade session.
Metal stocks led the bloodbath as the BSE Metal index bleeds over 2 per cent in the intraday trade session. Metal major Tata Steel share price crashed 4.55 per cent, Hindalco Industries shares sank 4.16 per cent, shares of Hindustan Zinc nosedived 3.89 per cent, National Aluminium Company or NALCO and Steel Authority of India Ltd or SAIL stock price went off around 2.5 per cent.
Banking stocks also feel the heat of heavy selloff caused by the Coronavirus fears at the global level. Banking major Yes Bank share price crashed 8.54 per cent, State Bank of India or SBI shares nosedived 5.10 per cent, shares of Federal Bank went down 3.26 per cent, Axis Bank stock price went southward around 2 per cent while Kotak Mahindra Bank stocks went down to the tune of 1.26 per cent.
Among the major Asian indices, the Japanese Nikkei 225 index rose 0.95 per cent, South Korean Kospi added 0.78 per cent, Hang Seng scaled 0.62 pre cent while Shanghai index skyrocketed 3.37 per cent in the intraday trade session.