Stock Market: Sensex, Nifty dip on weak global cues; banking, power, metal, auto shares bleed

Stock Market: On account of global markets unable to digest the spike in Coronavirus cases, the Indian indices dipped to the tune of 1.75 per cent on Tuesday. The BSE Sensex crashed 631 points and closed at 36,0061 mark while the NSE Nifty index nosedived 191 points and closed at 10,609 levels. Bank Nifty index crashed over 3 per cent in the intraday trade session and ended at 21,419 levels. Banking and finance, power, metal and auto shares bleed heavily in today's selloff pressure.

Speaking on whether the market has topped-out after making its 4-month high on Monday; SEBI registered technical equity analyst Simi Bhaumik said, "It's too early to say whether the stock market of India has topped-out or not but if the NSE Nifty goes below 10,500 then there can be further weakness expected at Dalal Street and then we will have to concluded that the market has topped-out. Right now, the NSE Nifty is having strong technical support at 10,500 while it has strong resistance at 10,850. Bullish or bearish trend can be confirmed only on the breakage of either side of the range." Bhaumik said that banking stocks are showing weakness but Bank Nifty has strong technical support at 21,200 to 21,00 levels and breakage of this level would also mean market has topped-out.

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Shares of Hathway Cable & Data, Rallis India, DCM Shriram, Biocon, Infibeam Avenues, Fortis Healthcare, Torrent Pharma, Tata Chemicals Balrampur Chini were among the major gainers in the intraday trade session while shares of BHEL, RBL Bank, Indiabulls Housing Finance, Hindustan Copper, Mahindra Logistics, MMTC and InterGlobe Aviation or IndiGo were among the major losers on Tuesday.

Banking and financial stocks were among the major losers in the intraday trade session as the BSE Banking index nosedived to the tune of 2.99 per cent. Banking major IndusInd Bank share price crashed 5.49 per cent, Axis Bank shares nosedived 4.88 per cent, shares of Federal Bank dipped 3.77 per cent, State Bank of India or SBI stock price went southward 3.17 per cent, Kotak Mahindra Bank stocks slide 2.99 per cent while ICICI Bank counter went off 2.14 per cent.

In power sector, Bharat Heavy Electricals Ltd or BHEL share price crashed 8.58 per cent, Adani Green Energy nosedived 4.46 per cent, shares of Power Grid Corporation of India went off 3.46 per cent, NTPC counhter went down 2.39 per cent while Torrent Power scrip slipped 1.35 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index crashed 0.87 per cent, Kospi dipped 0.11 per cent, Hong Kong's HAng SEng nosedioved 1.14 per cent while the Shanghai index went off 0.83 per cent.