Sensex continues to burn under FPI heat, Bank Nifty loses 29K levels; Bandhan Bank, Jindal Steel and Power stocks bleed

The stock market of India continues to witness heavy selloff triggered by the FIIs on budget surcharge levied on FPIs investing in the Indian equity market. The BSE Sensex lost 108 points and closed at 37,874 levels while the Nifty-50 index went down 54 points and closed at 11,276 levels. The Bank Nifty index continue to remain major caasulty of the FII heat as the index lost 161 points and came below the psychological 29,000 levels in the intraday trade. Torrent Pharmaceuticals, KRBL, Redington (India) and IndiGo stocks were the top gaining shares today while M&M Financial Services, Kajaria Ceramics, Jindal Steel and Power, DCM Shriram and Bandhan Bank were the top losing stocks in the intraday trade.

Speaking on the market outlook Prakash Pandey, Head of Research at Fairwealth Securities said, "The recent tank is caused by the FIIs heavy selloff as the budget surcharge being levied on the FPIs hasn't gone down well among them. But, the Indian Government has already made it clear that they are not going to bow down at the FIIs pressure tactics as the step has been taken to ensure the safety of the domestic small investors in the stock market. So, if the government continues with its stand for coming 8-10 trading sessions, then we can further witness some downside and Nifty 50 index may show 10,750 in coming four to five trading sessions."

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Metal stocks led the blood bath on Dalal Street as the BSE Metal index crashed over 2.5 per cent in the intraday trade. Metal major Jindal Steel & Power share price crashed 7.67 per cent, shares of Steel Authority of India (SAIL) dipped 5.33 per cent, Tata Steel scrip went down near 3.08 per cent, JSW Steel scrip nosedived 3.61 per cent, Hindalco Industries stocks went southward 2.44 per cent, Hindustan Zinc went off near 2 per cent while Vedanta counter cooled down 1.9 per cent.

Auto stocks also witnessed the heavy selloff pressure throughout the intraday trading session as the BSE Auto index went down near 2 per cent today. Auto major Ashok Leyland share price crashed 3.67 per cent, Balkrishna Industries stocks went down3.08 per cent, shares of Apollo Tyres went off 2.42 per cent, Eicher Motors share price nosedived 4.3 per cent, Exide Industries cooled down near 3 per cent, Hero MotoCorp dipped 2.53 per cent while shares of TVS Motor Company and Tata Motors went down near 3 per cent in the intraday trade.

Among Asian markets, the Japanese Nikkei 225 index scaled 0.41 per cent, South Korean Kospi crashed 0.91 per cent, Hang Seng soar 0.2 per cent while Shanghai index went northward 0.8 per cent.