Sensex, Nifty extend bleed on US-China trade standoff; RIL, Sobha, Vedanta stocks bleed
Sensex crashed 210 points to 38,065 levels while the 50-stock Nifty lost 61 points to 11,436 levels. The Nifty Bank index lost 84 points to 29,203 levels.
The stock market of India extended its southward trend on third straight day post-Donald Trump tweet that escalated the Sino-US trade standoff. The BSE Sensex crashed 210 points to 38,065 levels while the 50-stock Nifty lost 61 points to 11,436 levels. The Nifty Bank index lost 84 points to 29,203 levels. Reliance Industries or RIL, Sobha and Vedanta stocks were among the major stocks that bleed heavily in the early morning session on Wednesday.
Giving an idea about the current market scenario in India Simi Bhaumik, a SEBI registered technical security analyst told Zee Business online, "If the Nifty remains below 11,500 after today's close, we can witness some more correction into the Indian indices and the 50-stock Nifty may touch around 11,250 levels." She said that if the Nifty fails to sustain above 11,500 after today's close, the Indian stock market would then be in the range of 11,250 to 11,550.
Energy stocks led the blood bath at the Dalal Street as the BSE Energy index lost over 1 per cent in early morning trade on Wednesday. Energy major and Sensex heavyweight Reliance Industries or RIL share price crashed over 1.5 per cent, Aban Offshore share price dipped 2.56 per cent, Asian Oilfield Services stocks lost over 4 per cent, GOCL Corporation scrip went down around 2.1 per cent, GP Petroleums counter lost 2.6 per cent while ONGC counter went down near 1.4 per cent.
Realty stocks also witnessed heavy selloff in early morning trade session as the BSE Realty index dipped around 0.75 per cent. Realty major Sobha share price crashed 4.7 per cent, Sunteck Realty share rice dipped 2.4 per cent, Indiabulls Real Estate share price went down around 1.45 per cent, Prestige Estates Projects shares went down near 1.1 per cent while Oberoi Realty share price went southward near 1.18 per cent. Apart from these, Vedanta stocks have dipped around 1.9 per cent in early morning trade session.
Among Asian stock markets, the Japanese Nikkei 225 index lost 1.63 per cent, South Korean Kospi dipped 0.31 per cent, Hang Seng went down 0.75 per cent while the Shanghai index slipped around 0.11 per cent.