Sensex, Nifty tank on US-China trade standoff; RIL, Vodafone Idea, Indiabulls Real Estate stocks bleed
Sensex lost 323 points after closing at 38,276 levels while the 50-stock Nifty crashed 100 points after closing at 11,497 levels. The index Nifty Bank sank 330 points and close at 29,288.
Stock market of India witnessed heavy selloff losing early morning gains as the effect of US President Donald Trump's yesterday's tweet continue to hit global bourses. The BSE Sensex lost 323 points after closing at 38,276 levels while the 50-stock Nifty crashed 100 points after closing at 11,497 levels. The index Nifty Bank sank 330 points and close at 29,288. Reliance Industries or RIL, Vodafone Idea and Indiabulls Real Estate were among the major losing stocks in the intraday trade on Tuesday.
Speaking on the Indian indices Sebi registered technical equity analyst Simi Bhaumik said, "The stock market investors should wait for one more day and see whether the market is able to regain the 11,500 plus levels or not. For now, the Nifty has 11,500-11,550 is a resistance. If it breaks that on tomorrow we can expect the recovery otherwise the market can see some more correction and may slip into the 11,250 to 11,550 range."
Telecom stocks led the blood bath on Dalal Street as the telecom major Vodafone Idea crashed around 4.9 per cent, Tejas Networks share price dipped 4.1 per cent, OnMobile Global scrip went off 3.5 per cent, MTNL counter nosedived 2.8 per cent, Bharti Airtel stocks lost 2.8 per cent while GTPL Hathway share price perished around 5.5 per cent.
Energy stocks followed the blood bath as BSE Energy index lost 2.23 per cent in the intraday trade. Enerrgy major and Sensex heavyweight Reliance Industries or RIL share price crashed over 3 per cent, Asian Oilfield Services share price nosedived 6.3 per cent, BPCL counter lost around 2.9 per cent, Hindustan Petroleum Corporation or HPCL shares dipped over 3 per cent, Indian Oil Corporation or IOCL counter lost near 1.95 per cent, Jindal Drilling & Industries stocks went down near 2.1 per cent while Aegis Logistics share price slipped 1.2 per cent.
Realty stocks also had to witness heavy selloff pressure as the BSE Realty index lost around 1.3 per cent in the intraday trade. Realty major Indiabulls Real Estate share price crashed 6.26 per cent, DLF share price dipped 2.16 per cent, Godrej Properties stocks lost near 3.3 per cent, Housing Development & Infrastructure shares slipped 1.56 per cent, Sobha stocks went down 1.85 per cent while Sunteck Realty counter went southward near 0.8 per cent.
Asian stock also witnessed heavy selloff triggered yesterday after the US President Donald Trump's tweet that escalated the tension in Sino-US trade standoff. Japanese Nikkei 225 index crashed 1.6 per cent, South Korean Kospi dipped around 0.9 per cent, Hang Sang went up around half a per cent while the Shanghai index went northward near 0.7 per cent.