Share Market Closing Bell: Sensex, Nifty dip on weak FIIs; Yes Bank, DHFL, Reliance Capital stocks bleed
This selloff has been triggered by the FIIs profit booking. Stock market investors should not take Bank Nifty selloff as crash, say experts.
Share Market Closing Bell: The Indian indices witnessed heavy selloff in the banking and financial stocks in the intraday that led to slipping in the Indian stock market after the closing bell. The BSE Sensex dipped 155 points after closing at 38,667 levels in the intraday trade while the 50-stock Nifty index went down 35 points and closed at 11,477 levels. The Bank Nifty index witnessed a sharp decline as the BSE Banking index crashed 772 points and closed at 29,103 levels.
Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "This selloff has been triggered by the FIIs profit booking. I won't say its crash or slippage. Till Nifty is above 11,420 levels, every dip should be taken as a buying opportunity for the stock market investor. Since banking, especially private banks, is one of the favourite sectors of the FII's, this profit booking led to a dip in overall markets."
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JaiprakashAssociates, Blue Dart Express, Vodafone Idea, IIFL Finance, Vakrangee, Bharti Airtel, HCL Technologies and Adani Green Energy stocks were the major gaining shares in the intraday trade after the closing bell while Indiabulls Housing Finance, YES Bank, Reliance Capital, Suzlon Energy, Reliance Power, Dewan Housing or DHFL stocks were the major losing shares post-closing bell on Monday.
Banking and financial stocks led the bloodbath on Dalal Street as the BSE Banking index shed 2.64 per cent in the intraday trade session. Banking major YES Bank share price crashed over 15 per cent in the intraday trade, shares of RBL Bank nosedived over 10 per cent, IndusInd Bank shares dipped over 6 per cent, ICICI Bank stocks dipped around 3.5 per cent, Axis Bank went off over 2 per cent while the HDFC Bank share price cooled down around 1.4 per cent.
Among the major Asian markets, the Japanese Nikkei 225 index crashed 0.56 per cent, South Korean Kospi gained 0.64 per cent, Hang Seng added 0.53 per cent while Shanghai market dipped 0.92 per cent in the intraday trade.