Stock Market Today: On account of weak global sentiments after Saudi Arabia and Russia nullifying US President Donald Trump’s claims on oil production, Asian markets including Indian indices witnessed heavy selloff in the intraday trade session. The BSE Sensex crashed 674 points and closed at 27,590 levels while the NSE Nifty index nosedived 170 points and closed at 8,083 levels. Bank Nifty lost 959 points and closed at 17,249 levels.
Speaking on the current market position Simi Bhaumik, a SEBI registered technical equity analyst said, “The market is showing weakness due to the slide at US indices at Wall Street. Currently, Nifty has immediate support at 8,000 but any further dip from these levels may lead to its slip towards 7,500 to 7,300 levels. My advice for the traders to avoid taking any position in the current market scenario and wait till the Coronavirus impact becomes visible in the US.”
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Shares of SBI, ICICI Bank, Reliance Industries, ITC, Tata Motors, Axis Bank, HDFC Bank, Sun Pharma, Cipla and RBL Bank were among the most trending stocks in the intraday trade session while shares of Housing Development Finance, Kotak Mahindra Bank, Bajaj Finance were among the most active stocks in the intraday trade session.
Banking stocks received maximum beating as the FIIs had gone negative in the intraday trade session. The BSE Banking index shed over 5 per cent in the intraday trade session. Banking major RBL Bank share price crashed 15.42 per cent, State Bank of India or SBI share price dipped 5.63 per cent, shares of Axis Bank nosedived 8.86 per cent, IndusInd Bank stock price went southward 8.27 per cent, ICICI Bank stocks bleed 7.51 per cent while Kotak Mahindra Bank shed near 2 per cent.
Among the major Asian indices, the Japanese Nikkei 225 index edged 0.01 per cent higher, South Korean Kospi scaled 0.03 per cent up, Hang Seng went down 0.19 per cent while the Shanghai index crashed 0.60 per cent in the intraday trade session.