Stock Market Closing Bell: Sensex, Nifty crash 0.85 pct; GAIL, Maruti Suzuki India shares dip

Stock Market Closing Bell: On account of weak global sentiments, the Indian indices extended its early morning losses and ended around 0.85 per cent below from its yesterday close after the closing bell today. The BSE Sensex crashed 290 points and closed at 37,743 levels while the NSE Nifty nosedived 96 points and closed at 11,153 levels. Bank Nifty index dipped 227 points and closed at 21,139 mark after the closing bell today.

Speaking on the current market scenario; SEBI registered technical stock analyst Simi Bhaumik said, "Market looks weak as the NSE Nifty had two major support at 11,200 and 11,000, Since, 11,200 support has been broken after the closing bell today, now the major support for the NSE Nifty is 11,000. At Bank Nifty, it has broken its strong support at 21,300 and now its strong support zone is 20,900 to 21,000."

Keshav Lahoti, Associate Equity Analyst at Angel Broking said, "Sensex and Nifty continued to be in correction mode by closing down by 300 points (0.79%) and 97 points (0.86%) respectively due to a spike in covid cases in Europe. Market started on a positive note, although within the first half an hour there was sharp correction in the market. Correction was even higher in Nifty Midcap 100 (down by 1.54%) and Nifty Smallcap 100 (down by 1.76%). All the sectoral indices ended in red except Nifty IT and Nifty Pharma up by 0.70% and 0.66% respectively. Top gainers of the Nifty were TCS (2.34%), HCL Tech (2.29%) and Grasim (1.71%). Top losers of the Nifty were Zee Entertain (6.45%), GAIL (4.59%) and Adani POrts (4.47%). Global cues were mixed as  Nasdaq Futures and FTSE were up by 0.52% and 0.34% respectively, while Dow Futures was down by 0.18."

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Shares of Central Bank of India, Mahindra CIE Auto, HFCL, Heritage Foods, Minda Corporation, Honeywell Automation and KPIT Technologies were among the leading gainers after the closing bell today while shares of Tube Investments, Jamna Auto Industries, Indostar Capital Finnance, Lakshmi Vilas Bank, Cholamandalam Finance, Canara Bank and JK Lakshmi Cement were among the major losers after the closing bell.

Infrastructure stocks received maximum beating as the BSE Infrastructure index shed 3.52 per cent after the closing bell today. Infrastructure major GAIL (India) share price tanked 4.54 per cent, GMR Infrastructure shares crashed 5.65 per cent, shares of IRB Infrastructure Developers went southward 5.13 per cent, InterGlobe Aviation share price nosedived 4.87 per cent, Mahanagar Gas stock price slide 3.90 per cent, NBCC (India) stocks went off 3.63 per cent while Tata Power Company counter lost 2.64 per cent.

Among the major Asian indices, South Korean Kospi crashed 2.38 per cent, Hong Kong's Hang Seng dipped 0.98 per cent while Shanghai index lost 12.29 per cent.

On Wall Street, the Dow Jones Industrial Average fell 1.84 per cent , the S&P 500 lost 1.16 per cent, and the Nasdaq Composite dropped 0.13 per cent.