Sensex, Nifty tank on rise in US-China trade standoff, Nifty Bank dips 335 points; RIL, Titan, SAIL stocks dip
The BSE Sensex nosedived 362 points to 38,600 levels while the 50-stock Nifty crashed 114 points to 11,598 levels. The Nifty Bank index lost 335 points after closing at 29,618 levels.
Stock market of India witnessed heavy selloff after the US President Donald Trump threatened to hike tariffs on $200 billion of Chinese goods at the end of the week. The BSE Sensex nosedived 362 points to 38,600 levels while the 50-stock Nifty crashed 114 points to 11,598 levels. The Nifty Bank index lost 335 points after closing at 29,618 levels. Reliance industries or RIL stocks went off 1.6 per cent, Titan company share price crashed near 5.4 per cent while metal major Teel Authority of India or SAIL(India) dipped over 3 per cent.
Speaking on the current market movement and its future outlook SEBI registered Simi Bhaumik told Zee Business online, "Overall the market is bullish but it's in range-bound position. In Nifty perspective, the market is trading in between the range of 11,500 to 11,800 and buyers should follow buy on dips strategy on every 100-150 point correction at the 50-tock Nifty index."
Consumer durable stocks led the blood bath at the Dalal Street today as the BSe consumer Durable index went off 2.82 per cent today. Consumer durable major Titan Company dipped 5.57 per cent, VIP Industries share price went down 2 per cent, Symphony nosedived 1.96 per cent, Crompton Greaves Consumer Electricals scrip crashed 1.1 per cent while PC Jeweller share price scaled 12.5 per cent.
Metal stocks dipped over 2 per cent today. The BSE metal major Steel Authority of India (SAIL) nosedived 3.25 per cent, National Aluminium Company or NALCO share price tank 3.1 per cent, Jindal Steel & Power stocks lost around 4.5 per cent, NMDC scrip corrected 3.45 per cent while JSW Steel went southward 3.66 per cent. Banking stocks also witnessed heavy selloff today. Banking major Yes Bank crashed 5.3 per cent, Bank of Baroda share price went down 2.3 per cent, HDFC Bank stock price dipped 1.7 per cent while Axis Bank counter went off 1.3 per cent.
Asian stock also witnessed a choppy trade today. The Japanese burses were closed today while the South Korean Kospi dropped 0.74 points, Shanghai index lost 5.58 per cent while Hang Seng went down 2.9 per cent in the intraday trade.