Stock Market Closing Bell: Sensex, Nifty crash on Fed's weak US economic outlook; Hindalco Industries, Kotak Mahindra Bank stocks dip

Stock Market Closing Bell: On account of US Fed chief giving weak US economic outlook the Indian indices ended in the red zone after the closing bell today. The BSE Sensex crashed 323 points and closed at 38,979 mark while the 50-stocks NSE Nifty nosedived 88 points after closing at 11,516 mark. The Bank Nifty index tanked 253 points and closed at 22,320 levels.

Speaking on current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "Market is facing strong hurdle at 11,550 to 11,600. Once it clears this hurdle, we can expect it to hit 11,800 soon." Bhaumik said that pharma, auto and IT stocks will outperform other sectors in next few trade sessions.

Sumeet Bagadia, Executive Director at Choice Broking said, "Nifty had a weak opening and saw some recovery during the early hours, but could not sustain its gains. Most of the large-cap constituents were seen lagging based on which Nifty fell to its intra-day low and closed with a loss of 88 points to 11,516 points. Bank Nifty closed at 22,320 level with a loss of 253 points. At present level, the index has good support at 11400-11360 while upside resistance comes at 11,600."

See Zee Business Live TV streaming below:

Shares of JB Chemicals & Pharma, KPIT Technologies, Vinati Organics, Apollo Hospitals, Nesco, Sonata Software and MCX were among the leading gainers in the intraday trade session while shares of Trent, Allcargo Logistics, Aegis Logistics, Triveni Turbine, PTC India, Minda Industries and Hindalco Industries were among the leading losers after the closing bell today.

Banking stocks remained under pressure throughout the intraday trade sesion. Banking major ICICI Bank share price went down 1.56 per cent, Kotak Mahindra Bank shares went off 1.46 per cent, State Bank of India or SBI share went southward 1.39 per cent, RBL Bank stock price dipped 1.08 per cent while Federal Bank stocks went down 1.59 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index crashed 0.67 per cent, Hang Seng nosedived 1.56 per cent, Kospi dipped 1.22 per cent while Shanghai market went southward 0. 54 per cent in the opening bell today.