Sensex, Nifty tank on rising geopolitical tension; Maruti Suzuki, RCom, Sobha Developers stocks dip

On account of rising geopolitical tension between the US and Iran and Sino-US tariff tension, Indian indices nosedived in the intraday trade. The BSE Sensex 407 points after closing at 39,194 levels while the 50-stock Nifty lost 107 points and closed at 11,724 levels. The index Bank Nifty went down 152 points and closed at 30,628 levels. Sobha Developers, Ujjivan Financial Services, Graphite India, Orient Cement and Emami stocks were the top losing stocks today while Jet Airways, Hexaware Technologie, Suzlon Energy, Lakshmi Vilas Bank and JaiprakashAssociates were among the top gaining stocks in the intraday trade.

Speaking on the market scenario SEBI registered technical analyst Simi Bhaumik said, "Overall the market is bullish and I would suggest market investors maintain buy on dips strategy because the market is trading in a  broader range of 11,650 to 11,950."

Auto stocks led the blood bath at Dalal Street as the BSE Auto index lost around 1.32 per cent in the intraday trade. Auto major Maruti Suzuki India share price slipped 3.13 per cent, Hero MotoCorp stock dipped 1.94 per cent, shares of TVS Motor Company went down 1.6 per cent, Ashok Leyland counter went down 1.37 per cent, Cummins India counter went off 1.24 per cent while Balkrishna Industries shares went southward near 1 per cent.

Telecom stocks witnessed heavy selloff in the intraday trade. Telecom major Reliance Communications aka RCom share price crashed 4.51 per cent, shares of Tata Communications went down 2.45 per cent, Tata Teleservices (Maharashtra) scrip dipped 2.84 per cent, Tejas Networks stocks went down 3.76 per cent, Sterlite Technologies counter went off 1.42 per cent, Bharti Infratel and Bharti Airtel stocks went down 1.58 and 1.1 per cent respectively.

Among Asian markets, the Japanese Nikkei 225 index lost over 1 per cent, South Korean Kospi went down 0.27 per cent, Hang Send went off 0.27 per cent and the Shanghai index went up half per cent.