Stock Market: Sensex, Nifty dip on US-China standoff over Hong Kong; Axis Bank, Tata Steel shares slide

Stock Market: On account of rising US-China tension over Hong Kong autonomy, the global indices were under the selloff pressure that include Indian indices as well. The BSE Sensex went off 260 points after closing at 30,662 levels while the 50-stocks NSE Nifty went down 67 points and closed at 9,039 levels. Bank Nifty crashed 456 points after closing at 17,278 levels. Banking and finance, metal, realty and infra stocks were among the major losers in the intraday trade session.

Defying the stock market fall having any connection with the RBI MPC outcome; Sanjiv Bhasin, Director, IIFL Securities said, "The stock market fall has nothing to do with the RBI MPC decisions. This fall is mainly due to the Hong Kong tension going on between the US and the Chinese government." He said that Hong Kong factor has taken toll on majority of the global indices and Indian stock market fall is a part of it.

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Shares of Reliance Industries, SBI, ITC, ICICI Bank, HDFC Bank, Bajaj Finance, Axis Bank, Tata Steel, Cipla and Infosys were among the most trending stocks in the closing bell trade session while shares of Housing Development Bajaj Finserv, HUL and Maruti Suzuki were among the most active stocks in the intraday trade session.

Banking and financial stocks witnessed maximum beating in the intraday selloff. Banking major Axis Bank share price crashed 5.32 per cent, ICICI Bank shares went down 3.89 per cent, shares of RBL Bank went off over 4 per cent, IndusInd Bank stock price nosedived 1.93 per cent, HDFC Bank stocks went off 2.07 per cent while State Bank of India or SBI share price dipped 0.63 per cent.

Metal stocks also received heavy beating in the intraday trade session as the BSE Metal index went down to the tune of 1.98 per cent. Metal major Tata Steel share price crashed 3.23 per cent, National Aluminium Company or NALCO shares went down 3.39 per cent, shares of Hindalco Industries nosedived near 4 per cent, Hindustan Zinc stock price went off 2.27 per cent while SAIL stocks went southward 2.85 per cent.

Among the major Asian markets, the Japanese Nikkei shed 0.80 per cent, South Korean Kospi crashed 1.41 per cent, Hong Kong's Hang Seng nosedived 5.56 per cent while Shanghai index went southward 2.06 per cent.

At Wall Street yesterday, Dow 30 went off 0.41 per cent, Nasdaq dipped 0.97 per cent, S&P 500 went down 0.78 per cent while SmallCap 2000 added 0.27 per cent.