Stock Market News: On account of Coronavirus fear to grip the global bourses, the Indian indices finally ended its range-bound trade and went down around half a per cent. The BSE Sensex crashed 188 points and closed at 40,966 levels while the Nifty-50 index dipped nosedived 53 points and closed at 12,055 levels. Bank Nifty index closed at 30,761 levels after losing 76 points in the intraday trade session.

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Commenting upon the current stock market outlook Simi Bhaumik, a SEBI registered technical stocks analyst said, "Overall market is bullish. Nifty has strong support at 12,050 levels and 12,000 levels is crucial. In fact, it can be a good buying option if the Nifty opens above 12,050 levels tomorrow." She said that Bank Nifty is showing weakness and it is trading in the range of 30,700 to 31,200 range.

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Reliance Industries or RIL, SBI, ICICI Bank Tata Steel, Tata Motors, IndusInd Bank and Maruti Suzuki shares were among the major gainers after the Closing Bell trade session while shares of United Spirits, Housing Development Finance, Bharti Airtel, HDFC Bank and Interglobe Aviation or IndiGo were among the most active stocks throughout the intraday trade session.

Telecom stocks led the bloodbath on Dalal Street as the BSE Telecom index nosedived over 4 per cent in the intraday trade session. Telecom major Vodafone Idea share price crashed 7.57 per cent, ITI shares dipped over 6 per cent, Bharti Airtel stock price slipped 4.55 per cent, Mahanagar Telephone Nigam Ltd or MTNL stocks went down 2.27 per cent while Sterlite Technologies counter went down 1.93 per cent.

Metal stocks witnessed heavy selloff pressure in the intraday trade as the BSE Metal index nosedived over 2.5 per cent. Metal major Vedanta share price crashed 4.50 per cent, Tata Steel shares dipped 3.49 per cent, Steel Authority of India Limited or SAIL stock price slipped 3.59 per cent, JSW Steel stocks went down 2.85 per cent while Hindalco and NALCO shares 1.14 per cent and 1.54 per cent respectively.

Among the major Asian bourses, South Korean Kospi crashed over 3 per cent, Japanese Nikkei 225 dipped 0.55 per cent, Hang Seng scaled 0.15 per cent while the Shanghai markeet nosedived 2.75 per cent.