Sensex, NIfty take pause, Bank Nifty below 28K; Yes Bank, Jindal Steel and Power stocks bleed

Closing Bell: Indian stock market took a pause today as the FIIs went neutral after two days fresh buying. The BSE Sensex went down 189 points and closed at 37,445 levels while the 50-stock Nifty went off 59 points and closed at 11,046 levels. Bank Nifty crashed 321 points and slipped below the psychological 28,000 levels after closing at 27,804 levels.

Speaking on the stock market trends Sebi registered equity analyst Simi Bhaumik said, "Market is overall bullish till it is above 10,900 levels. I would advise market investors to take any dip as a buying opportunity as Nifty is trading in the range of 10,900 to 11,200-250 levels." Auto, banking and financial stocks would lead the bull run on Dalal Street, said Bhaumik.

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Nagaraj Shetti, Technical Research Analyst, HDFC securities said, "Technically, today's weakness in the Nifty could indicate a short term reversal in the market. There is a possibility some more weakness in the next 1-2 sessions. But, the expected decline is unlikely to damage the recent uptrend status of the Nifty. Important supports to be watched around 10900-850, where one may expect reliable upside bounce from the lows."

Jammu & Kashmir Bank, Take Solutions, Oberoi Realty, Reliance NipLifeAML, ICICI Pru Life and Delta Corp stocks were the major gainers today while RBL Bank, IDBI Bank, Yes Bank, Jindal Steel and Power, Vodafone Idea and Reliance Infrastructure stocks were the major losers in the intraday trade session on Wednesday.

Metal stocks bleed maximum as the BSE Metal index crashed around 3.4 per cent in the intraday trade session. Metal major Jindal Steel & Power share price crashed 8.13 per cent, Steel Authority of India (SAIL) shares nosedived 5.64 per cent, shares of JSW Steel went down 3.9 per cent, Tata Steel corrected to the tune of 4.27 per cent while Vedanta slipped 3.7 per cent.

Auto stocks also received a heavy beating today as the BSE Auto index went down 1.9 per cent. Auto major Tata Motors share price went down 3.28 per cent, shares of TVS Motor Company corrected near 3 per cent, Motherson Sumi Systems stocks crashed 4.08 per cent, Maruti Suzuki India share price went down 2.9 per cent, Mahindra & Mahindra stocks went down 2.8 per cent while MRF slipped near 2 per cent.

Among major Asian markets, the Japanese Nikkei 225 index went up 0.11 per cent, South Korea's Kospi went northward 0.86 per cent, Hang Seng went off 0.19 per cent while the Shangjhai markets went down 0.29 per cent.