Sensex tanks 787 points, Nifty below 12K; SBI, Vedanta, Indiabulls Housing Finance stocks dip

Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "This crash in the Indian stock market is mainly caused by the Iran-US tension. Nifty has taken fresh support at 11,800 levels and if the Nifty further goes down towards 11,800 levels, then it should be taken as a buy position for the target of 12,300."

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Metal stocks led the bloodbath at Dalal Street as the BSE Metal index crashed around 3 per cent in the intraday trade. Metal major Vedanta share price tanked 4.5 per cent after the Closing bell trade session, shares of National Aluminium Company or NALCO crashed 4.60 per cent, sAIL or Steel Authority of India Limited shares dipped 4.39 per cent, Hindalco Industries stock price went down 3.65 per cent while JSW Steel stocks went southward 2.86 per cent.

On account of FIIs going negative, the banking stocks received a heavy beating in the intraday trade session. Banking major State Bank of India or SBI share price crashed 4.58 per cent, Yes Bank shares nosedived near 4 per cent, TBL Bank stock price dipped 5.68 per cent, IndusInd Bank shares went off 4 per cent, ICICI Bank and HDFC Bank went off around 2.25 per cent while Axis Bank stocks dipped 2.68 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index crashed 451 points to 23,204.86 levels, South Korean Kospi dipped 0.98 per cent to 2,155.07 levels, Hang Seng tanked 253 points to 28,198.00 levels while the Shanghai markets remain range-bound and went off near 0.01 per cent in the intraday trade.