Sensex ends 161 points down, Nifty below 12K; Yes Bank, MTNL,Hindalco Industries stocks crash
Stock Market: BSE Sensex shed 161 points and closed at 40,894 levels while the 50-stocks Nifty went down 53 points and closed at 11,992 mark. Bank Nifty crashed 118 points and cloed at 30,562 levels.
Stock Market: On account of soaring fears of Coronavirus, the Indian indices ended in the red zone after the Closing Bell. The BSE Sensex shed 161 points and closed at 40,894 levels while the 50-stocks Nifty went down 53 points and closed at 11,992 mark. Bank Nifty crashed 118 points and cloed at 30,562 levels.
Speaking on the current market scenario Prakash Pandey, CEO & MD at Plutus Advisors said, "The market has got strong support at 11,900. Any further dip to these levels should be seen as an opportunity to buy rather getting panic by the selloff."
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Vodafone Idea, Bharti Infratel, Union Bank of India, Yes Bank, Allahabad Bank, SREI Infrastructure, GIC Housing Finance, Delta Corp and Adani Green Energy were among the most losing shares in the intraday trade while shares of Hathway Cable & Data, JP Associates, Dewan Housing Finance Limited or DHFL, Apollo Hospitals and Nippon LifeAM were among the major gainers after the Closing Bell.
Telecom stocks led the bloodbath as the BSE Telecom index crashed 4.23 per cent in the intraday trade session. Telecom major Vodafone Idea share price nosedived 11.40 per cent, Mahanagar Telephone Nigam Ltd or MTNL shares crashed 3.90 per cent, Bharti Infratel stock price tanked 10.61 per cent, Bharti Airtel stocks went down 2.80 per cent, Sterlite Technologies scrip went down 2.85 per cent while Reliance Communications stocks scaled up 4.41 per cent.
Metal stocks also witnessed selloff pressure throughout the intraday trade session as the BSE Metal index went down 1.19 per cent. Metal major Hindalco Industries share price 2.97 per cent, Hindustan Zinc shares dipped 2.33 per cent, shares of Jindal Steel & Power nosedived 2.78 per cent, NMDC counter went down 1.29 per cent, Steel Authority of India Ltd or SAIL share price went off 1.99 per cent, Tata Steel counter went southward 1.19 per cent while Vedanta stocks went off near 1 per cent.
Among the major Asian markets, the South Korean Kospi crashed 1.48 per cent, Japanese Nikkei nosedived 1.40 per cent, Hang Seng tanked 1.54 per cent while the Shanghai market went off 0.10 per cent.
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