Sensex crashes over 300 points, Nifty Bank tanks over 250 points; Hindalco, IndiaBulls Real Estate stocks dip
The BSE Sensex crashed 312 points to 38,651 while the 50-stock Nifty dipped 93 points to 11,618 levels. Nifty Bank index slipped 273 points to 29,680 levels.
Stock market of India nosedived on account of rising China-US trade standoff after President Donald Trump threatened to hike tariffs on $200 billion of Chinese goods at the end of the week in a bid to speed up stuttering trade talks between the economic superpowers. The BSE Sensex crashed 312 points to 38,651 while the 50-stock Nifty dipped 93 points to 11,618 levels. Nifty Bank index slipped 273 points to 29,680 levels. Metal major Hindalco and real estate stock suffered sell-off near 3 per cent in early morning trade.
Speaking on the current market scenario SEBI registered technical equity analyst Simi Bhaumik said, "Market is range-bound and in Nifty perspective, it is trading in the range of 11,500 to 11,800 but overall the market is bullish. It's better to buy on dips rather getting panic over 100 point correction at the 50-stock index Nifty."
Metal stock led the bear run on Dalal Street as the BSe Metal index lost 2.37 per cent in the early morning trade session on Monday. Metal major Hindalco crashed 3.39 per cent, shares of JSW Steel dipped 3.2 per cent, Steel Authority of India (SAIL) scrip lost over 4 per cent, Jindal Steel & Power stock bleed over 5 per cent, Tata Steel counter went down 2.64 per cent while Vedanta lost 2.25 per cent.
Financial and Banking stocks closely follwed the blood bath at Indian indices. Banking major YES Bank went down over 2.5 per cent, IndusInd Bank shares went off around 1.65 per cent, Axis bank lost over 1 per cent, Allahabad Bank shares went down around 1.25 per cent, Bank of Baroda and Bank of India stocks lost around 1.3 per cent, Canara Bank and Central Bank of India counters went southward near 1.6 per cent while GRUH Finance shares lost over 2.25 per cent.
Among auto majors, Tata Motors crashed over 4.5 per cent, Motherson Sumi Systems shares dipped near 4.1 per cent, Bharat Forge scrip lost over 1 per cent while shares of Balkrishna Industries, Bajaj Auto and Ashok Leyland lost over half per cent.
Asian stock also witnessed heavy sell-off pressure after the US President Donald Trump escalated the US-China standoff after threatening to hike tariffs on $200 billion of Chinese goods at the end of the week. Japanese South Korean Kospi went down near 0.75 per cent, Hang Seng nosedived near 3.45 per cent, while the Shanghai index crashed over 5 per cent.