Sensex tanks over 580 points, Nifty breaks 10,850 levels, Bank Nifty below 27,500 levels; Vedanta, SBI stocks bleed
The stock market of India opened in red on weak global cues. The BSE Sensex opened 466 points down at 36,551 levels while the 50-stock Nifty index opened 132 points down at 10,864 levels. Bank Nifty index opened 468 points down at 27,736 levels.JaiprakashAssociates, Dishman Carbogen Amc, Deepak Nitrite, NIIT Technologies and Balkrishna Industries shares were the top gaining stocks in the opening trade while Coffee Day Enterprise or CCD, DHFL, Mangalore Refinery and Lakshmi Vilas Bank shares were the top losing stocks in the intraday trade.
Speaking on the current market outlook Prakash Pandey, Head of Research at Fairwealth Securities said, "Current market fall is caused by the weak global cues as trade tension between the US and China has further escalated and nex round of Sino-US trade talsks are due next month. Indian indices are already under the FPI selloff heat and this trade war escalation has further fuelled the bear run at Dalal Street."
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Metal stocks led the tank at Dalal Street as the BSE Metal index lost 2.75 per cent in the opening bell. Metal major Jindal Steel & Power share price crashed 4.1 per cent, shares of Vedanta dipped 3.28 per cent, Steel Authority of India (SAIL) shares went down 2.93 per cent,, Tata Steel stocks went off 2.13 per cent, JSW Steel shares nosedived 3.44 per cent while Hindalco Industries scrip went down 2.3 per cent.
Banking stocks also witnessed a heavy selloff in the early morning trade session on Monday. The BSE BANKEX went down near 1.9 per cent. Banking major State Bank of India or SBI share price went down near 3.5 per cent, YES Bank shares crashed near 3.95 per cent, RBL Bank scrip dipped 4.37 per cent, ICICI Bank counter went off 2.5 per cent, HDFC Bank stocks went southward 1.25 per cent while Axis Bank share price cooled down around 1.8 per cent.
Among Asian share markets, the Japanese Nikkei 225 index crashed 2.49 per cent, South Korean Kospi nosedived 2.17 per cent, Hang Seng dipped 2.91 per cent while the Shanghai index went off 0.81 per cent.
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