Sensex, Nifty free-fall continues on seventh straight day; GTPL Hathway, Suzlon Energy stocks bleed
BSE Sensex shed 153 points to 378,635 while the 50-stock Nifty dipped 36 points to 11,322 (9:18 AM). The index nifty Bank went down 112 points to 28,882 levels.
The stock market of India continued its fall on the seventh straight trade session on escalating US-China trade tension. The BSE Sensex shed 153 points to 378,635 while the 50-stock Nifty dipped 36 points to 11,322 (9:18 AM). The index nifty Bank went down 112 points to 28,882 levels. GTPL Hathway, Reliance Industries or RIL and Suzlon Energy were the major stocks that fell sharply in early morning trade.
Commenting upon the stock market trends Nagaraj Shetti – Senior Technical & Derivative Analyst at HDFC securities said yesterday after the market close, "After showing a sharp weakness from the highs in the last session, the bloodbath continued in the market, as the Nifty showed another session of steep weakness in today's session. A long negative candle was formed today (back to back two candles in the last two sessions), which indicates a sharp downward reversal in the market. This downward corrective leg is likely to continue in the Nifty for the next session and could reach the next support levels of 11280 in the next couple of sessions."
Energy stocks led the bear run on Dalal Street as the BSE Energy index lost around 1.2 per cent. Energy major Reliance Industries or RIL share price went down around 1.5 per cent, Aban Offshore share price dipped 2.35 per cent, Asian Oilfield Services stocks went down 3.55 per cent, BPCL and HPCL counter corrected to the tune of 1.1 per cent, GOCL Corporation shares crashed 5.4 per cent while Castrol India went southward 0.8 per cent.
In telecom stocks GTPL Hathway share price crashed 3.7 per cent from its previous day close, Vindhya Telelinks shares went down 2.65 per cent, Vodafone Idea and Bharti Infratel counters went down over 1 per cent while GTL Limited share price dipped 3.4 per cent.
In power sector stocks, Suzlon Energy share price crashed over 3.5 per cent, CG Power and Industrial Solutions dipped 3.68 per cent while Tata Power Company, Thermax and Torrent Power shares went down over half a per cent. In banking sector Yes Bank shares' plunge continues and the stock was down near 1.5 per cent in early morning trade session.
Asian stocks also witnessed selloff in the early morning trade session. Japanese Nikkei dipped 1.15 per cent, South Korean bourse Kospi crashed over 1.5 per cent, Hang Seng dipped near 1.9 per cent while the Shanghai index nosedived 1.35 per cent.