Sensex fails to retain morning gains, Nifty below 11,250 levels; Vodafone Idea stock bleeds over 27%

Sensex, Nifty fails to retain its early morning gains as fresh buying in banking, IT and tech stocks were outperformed by auto, metal, telecom and oteher major Indian stock indices. The BSE Sensex lost 196 points and closed at 37,686 levels while the Nifty-50 index nosedived 92 points and closed at 11,192 levels. The Bank Nifty index went off 21 points after closing at 29,303 levels. Vodafone Idea, Lakshmi Vilas Bank, Indiabulls Housing Finance, Grasim Industries and Arvind stocks were among the most bleeding stocks in the intraday trade while Navkar Corporation, Granules India, Kansai Nerolac Paint, Vakrangee and Chennai Petroleum shares were among the top gaining shares today.

Speaking on the current market scenario Prakash Pandey, Head of Research at Fairwealth Securities said, "Overall market is bearish as the budget surcharge being levied on the FPIs haven't gone down well among the FIIs and current selloff is mainly triggered by the FIIs. As the Indian government has made it clear that they are not going to bow down at FII's pressure, the market seems to head for the 10,750 levels in coming two weeks."

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Auto stocks led the bloodbath at Dalal Street as the BSE Auto index went down more than 3.5 per cent in the intraday trade. Auto major Apollo Tyres share price crashed 6.37 per cent, shares of Tata Motors nosedived 6.39 per cent, Ashok Leyland stocks went down 3.43 per cent, Bajaj Auto scrip dipped 4.9 per cent, Eicher Motors went southward 4.81 per cent while Maruti Suzuki India and Motherson Sumi Systems stocks went down around 4.55 per cent.

Telecom stocks also witnessed heavy selloff in the intraday trade as the BSE Telecom index went down 2.9 per cent. Telecom major Vodafone Idea bleeds near 27 per cent in the intraday trade. Bharti Infratel share price crashed 5.22 per cent, shares of OnMobile Global dipped 5.32 per cent, Reliance Communications counter went off 3.92 per cent while shares of GTPL Hathway cooled down 2.53 per cent.

Among Asian stock markets, the Japanese Nikkei 225 index went off 0.37 per cent, South Koran Kospi crashed 1.78 per cent, Hang Seng nosedived 1.03 per cent while the Shanghai markets eased around 0.12 per cent.