Stock Market Closing Bell: NSE Nifty, BSE Sensex tank on weak global sentiments; SBI, Vodafone Idea, Tata Steel shares crash

Stock Market Closing Bell Today: On account of weak global sentiments after the huge selloff at Wall Street indices yesterday, the Indian indices continued to remain under pressure throughout the intraday trade and closed in red zone after the closing bell today. The BSE Sensex crashed 633 points and closed at 38,357 levels while the 50-stocks NSE Nifty nosedived 170 points and closed at 11,356 levels. Bank Nifty index dipped 453 points and closed at 23,077 mark after the closing bell.

Speaking on the current stock market trends; Simi Bhaumik, a SEBI registered technical stock analyst said, "The NSE Nifty has strong supposrt at 11,250 and any further dip below 11,300 should be seen as buying opportunity. Pharma, IT, metal and auto stocks will lead the bull run once this selloff spree settles down."

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Shares of IFB Industries, Minda Indsutries, Sadbhav Engineering, Jamna Auto Industries, Dishman Carbogen Amc and Mahindra Lifespace were among the major gainers int he intraday trade session while shares of Adani Green Energy, Future Retail, Bombay Burmah, Vodafone Idea, Piramal Enterprises, Axis Bank and ICICI Prudential Life Insurance were among the major losers after the closing bell today.

Metal stocks received maximum beating as the BSE Metal index shed to the tune of 2.79 per cent after the closing bell today. Metal major Tata Steel share price crashed 3.64 per cent, NMDC shares nosedived 3.05 per cent, Steel Authority of India Ltd or SAIL share went down around 3 per cent, JSW Steel stock price dipped 3.12 per cent, Jindal Steel & Power stock price went southward 4.72 per cent while National Aluminium Company or NALCO stocks went off 2.94 per cent.

Telecom stocks also remained under pressure t6hroughout the intraday trade session. Telecom major Vodafone Idea share price crashed near 3 per cent, Bharti Airtel share dipped 2.67 per cent, HFCL tanked 5.19 per cent, Sterlite Technologies share price dipped 3.32 per cent, Mahanagar Telephone Nigam Ltd or MTNLK share went off around 0.96 per cent while Tata Communications shares rose 2.62 per cent.

Banking stocks witnessed huge profit-booking as the BSE Banking index went down to the tune of near 2 per cent after the closing bell today. Banking major Axis Bank share price crashed 3.72 per cent, State Bank of India or SBI shares dipped 2.84 per cent, IndusInd Bank share went off 2.34 per cent, ICICI Bank shares went down around 2 per cent while Kotak Mahindra Bank stock price went southward around 1 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index crashed 1.11 per cent, South Korean Kospi dashed 1.15 per cent, Hoing Kong's Hang Seng nosedived 1.25 per cent while the Shanghai index went down 0.87 per cent.