Sensex, Nifty shed near 1 pct on weak global cues; Vodafone Idea, DLF, Yes Bank stocks bleed

The stock market of India continues to bleed on the second successive day on FIIs selloff. The BSE Sensex went down 361 points and closed at 38,305 levels in the closing bell while the 50-stocks Nifty went off 114 points to 11,359 levels. the Bank Nifty index went down 377 points and closed at 28,725 levels, which is below the psychological 29,000 levels.

Speaking on the current market scenario, Prakash Pandey, MD & CEO at Plutus Advisors said, "The market has gone down due to the FIIs selloff and I still believe that the market is overall bullish and can rebound once it regains the 11,420 support. Till then, the market has support of 11,150."

See Zee Business Live TV streaming below:

Reliance Power, Indiabulls Housing Finance, NDMC, Container Corporation of India or CCI, Escorts stocks were the major gaining shares in the intraday trade while YES Bank, DHFL, SREI Infrastructure, Vodafone Idea, Reliance Capital, Apollo Tyres and IndusInd Bank stocks were among the major losing shares today.

Telecom stocks led the bloodbath at Dalal Street as the BSE Telecom index crashed over 4.5 per cent in the intraday trade. Telecom major Vodafone Idea share price crashed 12.66 per cent, shares of Mahanagar Telephone Nigam Ltd or MTNL nosedived 5.53 per cent, Reliance Communications shares went down 3.9 pre cent, Bharti Airtel stock price dipped 4.32 per cent while Sterlite Technologies share price went off 3.82 per cent.

Realty stocks also witnessed heavy beating throughout the day. The BSE Realty index went down 3.88 per cent. Realty major DLF share price crashed7.35 per cent, shares of Oberoi Realty nosedived 3.42 per cent, Sobha shares went down 2.07 per cent while Sunteck Realty counter went off 1.34 per cent.

Among major Asian bourses, the Japanese Nikkei 225 index gaine 0.59 per cent, South Korea's Kospi surged 0.45 per cent, Hang Seng added 0.53 per cent while the Shanghai market ended red losing 0.92 per cent in the intraday trade.