Stock Market News: On account of Reliance Industries share price crash by over 2.5 per cent, Indian indices went down sharply in the intraday trade session. The BSE Sensex crashed 284 points and closed at 40,913 levels while the Nifty index dipped 93 points and closed at 12,035 levels. Bank Nifty index went down 229 points after closing at 30,647 levels. 

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Speaking on the current share market scenario Simi Bhaumik, a SEBI registered technical stock expert said, "Overall market is bullish. Nifty has strong support at 12,050 levels. There can be some correction once Nifty reaches around 12,200 levels as Nifty has strong resistance at around 12,200-250 levels. I would advise share market investors to follow buy on dips strategy as Nifty is trading in the range of 12,050 to 12,250 levels."

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Energy stocks received a maximum beating in this selloff as the BSE Energy index crashed over 2.25 per cent in the intraday trade. Energy major and Sensex heavyweight Reliance Industries or RIL share price crashed 2.51 per cent, Bharat Petroleum Corporation Ltd or BPCL shares went down 2.39 per cent, Castrol India stock price dipped 4.17 per cent, Jindal Drilling & Industries stocks nosedived 5.55 per cent while Mangalore Refinery And Petrochemicals counter went of 2.37 per cent in the intraday trade session.

Shares of Piramal Enterprises, IDFC, MCX, JK Tyre & Industries, SREI Infrastructure, NBCC (India), Shriram Transport Finance, Aurobindo Pharma, Yes Bank and Dewan Housing Finance Limited or DHFL were among the major losers in the intraday trade while shares of Escorts, Jubilant Foodworks, Hexaware Technologies, Tata Elxsi, Phoenix Mills and KNR Constructions were among the major gainers after the Closing Bell trade session.

Among the major Asian bourses, the Japanese Nikkei crashed 1.72 per cent, Kospi nosedived 1.71 per cent while Hang Seng bleed 2.62 perr cent.