RIL selloff drags Sensex 230 points down, Nifty near 11,300; Coal India, BPCL, Vedanta stocks bleed

The stock market of India went down for the seventh straight trade session as the China-US trade spat further got escalated today. The BSE Sensex crashed 230 points after closing at 37,558 while the 50-stock Nifty lost 57 points and closed at 11,301 levels. the Nifty Bank index lost 109 points and closed at 28,884 levels. Reliance Industries or RIL, Coal India and BPCL stocks were among the major losing stocks in the intraday trade.

Speaking on the current market outlook Prakash Pandey, Head of Research at Fiarwealth Securities said, "The Indian stock market may see some more correction but not beyond 11,250 levels as this level is a strong support for the market and since DII and FII are still positive in long-term, I don't see any reason for the Indian share market to witness further deep correction."

Standing in sync with Prakash Pandey's views Sebi registered technical equity analyst Simi Bhaumik told Zee Business online, "The market has strong support at 11,250-245 levels and in current circumstances, it looks that the market is range-bound in 11,250 to 11,550 range."

Energy stocks were the major losers in intraday trade on Thursday. energy major and Sensex heavyweight Reliance Industries lost over 3.5 per cent, shares of Asian Oilfield Services crashed over 7 per cent, Bharat Petroleum Corporation or BPCL slipped 2.6 per cent, Castrol India stocks dipped around 2 per cent, Coal India share price went down 2.6 per cent, Hindustan Petroleum Corporation or HPCL stocks went southward 1.8 per cent, Indian Oil Corporation Ltd or IOCL stocks corrected to the tune of near 1 per cent while OIL counter dipped around 0.9 per cent.

Metal stocks also witnessed heavy selloff in the intraday trade. Metal major Jindal Steel & Power share price crashed 4.26 per cent, Vedanta stocks went down 1.6 per cent, Steel Authority of India or SAIL went down near 1.5 per cent, Hindalco Industries and Hindustan Zinc corrected to the tune of near 1 per cent. Among telecom stocks Bharti Airtel went down 1.64 per cent, GTL Infrastructure and GTL went down 2.27 and 2.2 respectively, MTNL counter corrected 2.48 and OnMobile Global shares dipped 2.68 per cent.

Asian bourses witness heavy selloff in the intraday trade on Thursday. Japan's Nikkei 225 index lost 0.93 per cent, South Korean Kospi crashed over 3 per cent, Hang Seng dipped 2.39 per cent while the Shanghai market ended 1.48 down side.