Sensex, Nifty crash on cooling Chinese data; DLF, Vodafone Idea, IndusInd Bank stocks dip
The BSE Sensex crashed 323 points while the 50-stock Nifty dipped 102 points to 11,811 levels. the index Bank Nifty nosedived 375 points to 30,601 levels.
The stock market of India suffered on lower US bond yield and cooling Chinese data. The BSE Sensex crashed 323 points while the 50-stock Nifty dipped 102 points to 11,811 levels. the index Bank Nifty nosedived 375 points to 30,601 levels. V Mart Retail, Kalpataru Power, Great Eastern, TeamLease Service and Intellect Design stocks were among the top gaining stocks while Jet Airways, Reliance Capital, Syngene International, PC Jeweller and JP Associates shares were among the top losing stocks.
Speaking on the current market trend Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business online, "Overall the market is bullish and in current market scenario it is trading in the range of 11,800 to 12,000. My suggestion to the stock market investors is to adopt buy on dips till either side of the range is breached."
Realty stocks led the blood bath at Dalal Street as the BSE Realty index went down 2.49 per cent in the intraday trade. Realty major DLF share price crashed 4.38 per cent, shares of Housing Development & Infrastructure nosedived 4.11 per cent, Indiabulls Real Estate shares dipped 5.27 per cent, Sobha Developers counter went down 3.83 per cent and Sunteck Realty counter crashed 1.61 per cent.
Among telecom stocks Vodafone Idea share price crashed over 3 per cent, Tata Teleservices (Maharashtra) stocks went down 4.88 per cent, shares of Reliance Communications went down 4.55 per cent, MTNL counter went down 2.09 per cent, ITI stocks went southward near 1.64 per cent while Bharti Airtel dipped 2.74 per cent.
Banking stocks also witnessed heavy selloff in the intraday trade. Banking major IndusInd Bank share price crashed 4.36 per cent, shares of Axis Bank dipped over 2 per cent, Bank of Baroda counter went southward over 1.5 per cent, Kotak Mahindra Bank slid 2.1 per cent while Yes Bank shares slipped 1.58 per cent.
Among Asian markets, the Japanese Nikkei 225 index went up 0.39 per cent, South Korean Kospi slipped 0.37 per cent, Hang Seng dipped 0.65 per cent while the Shanghai stock market crashed around 0.99 per cent.