Market extends post-budget tank on weak global cues; Sensex below 373 points, Nifty lost 112 points
The BSE Sensex crashed 373 points to 39,139 while the 50-stock Nifty went down 112 points to 11,699 levels. The Bank Nifty index crashed 3560 points to 31,115 levels.
The stock market of India extended the heavy selloff it began on Friday post-Nirmala Sitharaman's budget 2019. The BSE Sensex crashed 373 points to 39,139 while the 50-stock Nifty went down 112 points to 11,699 levels. The Bank Nifty index crashed 3560 points to 31,115 levels. Punjab National Bank, JaiprakashAssociates, Adani Green Energy, Manpasand Beverage and Cox and Kings stocks were the top five losing stocks in the intraday trade. Auto and metal stocks witnessed maximum selloff in the morning trade session.
Speaking on the market trend Prakash Pandey, Head of Research at Fairwealth Securities said, "Market is overall bullish. The current downtrend is mainly caused by the positive US job data that indicates there would be no rate cut from the Fed." Pandey said that post-budget, there is no major domestic indicator left for the stock market investors and now it's the global indicators that would drive the Indian indices. He suggested investors buy Nifty at around 11,700 for the target of 11,900 maintaining stop loss at 11,610.
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Auto stocks led the blood bath at Dalal Street as the BSE Auto index lost over 2.5 per cent in the intraday trade. Auto major Hero MotoCorp share price crashed around 4 per cent, Maruti Suzuki India share price nosedived 3.14 per cent, shares of TVS Motor Company went down 3.26 per cent, Tata Motors counter crashed 2.84 per cent, Mahindra & Mahindra shares went down 2.15 per cent, Exide Industries went off 2.1 per cent, Bajaj Auto slipped 2.27 per cent, Ashok Leyland cooled down 1.9 per cent while Apollo Tyres dipped over 3 per cent in the intraday trade session.
Industrial stocks also went through heavy selloff in the morning trade session as the BSE Industries index went down 1.8 per cent. Industries major Jet Airways (India) share price crashed around 4.94 per cent, KEC International shares went down 2.86 per cent, Jaiprakash Associates share price cooled down to the tune of 8.7 per cent, Havells India went off over 1 per cent while APL Apollo Tubes stock went down 3.44 per cent.
Among Asian markets, the Japanese Nikkei 225 index crashed 1.1 per cent, South Korean Kospi nosedived 1.84 per cent, Hang Seng witnessed heavy selloff and dipped 1.78 per cent while Shanghai market went southward to the tune of 2.46 per cent.
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