Sensex, Nifty slip on weak global cues; RCom, Indiabulls Real Estate, Bharti Airtel stocks dip

The stock market of India continues to slide on weak global indicators and fresh tension emerging between the US and China. The BSE Sensex shed 333 points to 37,972 levels while the 50-stock Nifty went down 91 points to 11,268 levels. Bank Nifty index crashed 387 points to 28,338 levels.

Speaking on the current market scenario SEBI registered technical equity analyst Simi Bhaumik said, "Market is in the range of 11,150 to 11,420. Overall the market is bullish and any dip should be seen as a buying opportunity." She said that auto, banking and finance and metal stocks would be the engines for the Indian stock market in the coming few trade session.

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YES Bank, Reliance Power, SREI Infrastructure, Tata Motors, PC Jeweller, Eicher Motors, Bharat Petroleum and Indian Overseas Bank stocks were the major gaining shares in the Opening Bell trade session while Dewan Housing and Finance Limited or DHFL, IDFC First Bank, Lakshmi Vilas Bank, Indiabulls Real Estate, Reliance Communication or RCom, Suzlon Energy and InterGlobe Aviation or IndiGo stocks were the major losing stocks in the intrada trade session.

Metal stocks led the bloodbath t Dalal Street at the BSE Metal index lost 1.72 per cent in the opening bell trade session. Metal major National Aluminium Company or NALCO share price shed 3.61 per cent, shares of Hindalco Industries crashed 3.64 per cent, Tata Steel and Vedanta stocks went down to the tune of around 2.6 per cent while JSW Steel share price went down 1.15 per cent.

Telecom stocks also witnessed heavy beating in the opening bell trade session as the BSE Telecom index went down 1.3 per cent. Telecom major GTL Infrastructure share price crashed 3.64 per cent, shares of Reliance Communications nosedived over 4 per cent, Vodafone Idea shares went down 2.6 per cent, Bharti Airtel counter went down over 1.5 per cent while Aksh Optifibre share price dipped 4.72 per cent.

Among major Asian markets, the Japanese Nikkei 225 index crashed over 2 per cent, South Korean Kospi nosedived 1.95 per cent, Hang Seng went off 0.36 per cent while the Shanghai market went down 0.92 per cent.