Sensex, Nifty down on Trump's tilt towards China; Manpasand Beverage, Reliance Capital stocks bleed
The BSE Sensex lost 138 points to 39,812 levels while the 50-stock Nifty index went down 50 points to 11,914 levels. Index Bank Nifty slipped 140 points to 31,125 levels.
The stock market of India slipped in the red zone after the Us President Donald Trump warned Chinese President Xi Jin-ping that the White House would impose another round of tariff on the Chinse imports. The BSE Sensex lost 138 points to 39,812 levels while the 50-stock Nifty index went down 50 points to 11,914 levels. Index Bank Nifty slipped 140 points to 31,125 levels. DHFL, Delta Corp, Jai Corp and Adani Green Energy stocks were among the top gaining shares today while Jammu and Kashmir Bank, Manpasand Beverage, Reliance Capital and IndianBulls Housing Finance stocks were among the top losing share in the intraday trade.
Giving an idea about the markets Nagaraj Shetti - Technical Research Analyst, HDFC Securities said, "The Nifty closed yesterday on a modest gain. Its immediate resistance to be watched at 12,000 levels." Shetti of HDFC Securities further added that a high wave or a doji type candlestick pattern was formed yesterday, which is back to back in the last two sessions. This pattern signals a weak strength in the upside bounce. Though, Nifty moved up today the market breadth was not in favor of bulls.
Telecom stocks led the blood bath on Dalal Street as the BSE Telecom lost over 0.8 per cent in the early morning trade. Telecom major Tata Teleservices (Maharashtra) share price crashed 4.86 per cent, shares of GTL Infrastructure nosedived near 2.5 per cent, Bharti Airtel and Bharti Infratel went down 1.1 and 1.48 per cent respectively. Share price of OnMobile Global went down 1.9 per cent and Vodafone Idea counter corrected to the tune of half a per cent.
Banking and financial sector stocks also witnessed heavy selloff in the early morning trade session. Banking major YES Bank share price crashed around 2.5 per cent while State Bank of India, Kotak Mahindra Bank, ICICI Bank, Federal Bank, City Union Bank and Axis Bank stocks lost more than half per cent. In financial sector Binani Industries crashed 4.88 per cent, GRUH Finance shares went down 1.32 per cent, Indiabulls Housing Finance nosedived over 5 per cent, IL&FS Investment Managers counter dipped near 5 per cent, JSW Holdings went off 3.2 per cent while Jammu and Kashmir Bank crashed 5.44 per cent.
Among Asian stocks, Japanese Nikkei 225 index eased down 0.02 per cent, South Korean Kospi slid 0.15 per cent, Hang Seng crashed over 1.5 per cent while the Shanghai market went off over half a per cent.