Sensex, Nifty dip ahead of US-China trade deal; SBI, Vodafone Idea stocks slip

The stock market of India dipped ahead of the US-China trade deal scheduled today. The BSE Sensex slipped 79 points after closing at 41,872 levels while the Nifty-50 index went down 19 points and closed at 12,343 levels. Bank Nifty continue to nosedive and crashed 246 points and closed at 31,824 levels.

Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "The market is overall bullish. Nifty is facing strong resistance in between 12,300 to 12,400. If the 50-stocks index sustains above 12,300 levels, then we can expect it to touch 12,400 in one to two trade sessions." She said that Bank Nifty is showing weakness and there can be some more correction taking place in the banking stocks.

See Zee Business Live TV streaming below:

Shares of Yes Bank, IndusInd Bank, SBI, Tata Motors, Tata Consultancy Service or TCS, Reliance Industries or RIL, Maruti Suzuki, Indiabulls and HDFC Bank were among the most trending stocks in the intraday trade session while Yes Bank, Reliance Industries, SBI and MindTree stocks were among the most active stocks today.

Banking stocks led the bloodbath as the BSE Bankex went down to the tune of around 0.75 per cent in the intraday trade session. Banking major State Bank of India or SBI share price crashed 1.13 per cent, shares of RBL Bank went down 1.98 per cent while IndusInd Bank stock price nosedived 5.44 per cent after the Closing Bell. However, Yes Bank share price surged 3.24 per cent.

Telecom stocks also witnessed some correction as the telecom major Vodafone Idea share price dipped 1.64 per cent, OnMobile Global shares went down 1.25 per cent while Bharti Airtel and Bharti Infratel stocks went off near half a per cent.

Among the major Asian markets, Nikkei 225 index crashed 0.45 per cent and closed at 23,916 levels, Kospi dipped 0.35 per cent and closed at 2,230.98 levels, Hang Seng went down 0.39 per cent and closed at 28,773.59 levels while the Shanghai index slide 0.54 per cent.