Stock Market: Sensex, Nifty down on profit-booking in banking, energy, IT stocks

Stock Market: On account of neutral foreign institutional investors (FIIs) and domestic institutional investors (DIIs), the Indian indices witnessed heavy profit-booking in banking, energy and IT sector that led to slide in Sensex, Nifty and other major Indian indices. The BSE Sensex shed 427 points and hit 31,435 levels while the NSE Nifty index crashed 107 points and hit 9,206 levels. Bank Nifty nosedived 543 points and touched 19,724 levels.

Speaking on the stock market scenario Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "The market is trading in the range of 9,000 to 9,500. If Nifty manages to break the upper range then we can expect it to appreciate up to 10,000 levels at a faster rate. However, 9,000 levels will be make or break for the markets in coming trade sessions." Singre said that if NSE Nifty manges to sustain above 9,500 then auto stocks may shine in the next few trade sessions.

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Shares of Reliance Industries, SBI, Tata Motors, ICICI Bank, HDFC Bank, Infosys, Axis Bank, Kotak Mahindra Bank, TCS and Bajaj Finance were among the most trending stocks in the early morning trade session while shares of Housing Development Finance, Bajaj Finance, Kotak Mahindra Bank, IndusInd Bank and Glenmark Pharma were among the most active stocks in the intraday trade session.

Banking stocks witnessed heavy selloff as the BSE Banking index went down around 2.5 per cent in the opening bell trade session. Banking major ICICI Bank share price crashed over 5 per cent, Axis Bank shares went down 4.34 per cent, shares of Axis Bank nosedived 4.17 pe cent, State Bank of India or SBI sock price dipped 2.84 per cent, HDFC Bank stocks went down 2.73 per cent while RBL Bank counter went southward 3.10 per cent. 

Among the energy stocks, Sensex heavyweight Reliance Industries share price dipped around 0.69 per cent, Petronet LNG shares went down 1.57 per cent, shares of Hindustan Petroleum Corporation Ltd or HPCL went down 2.08 per cent, Deep Industries counter corrected 2.51 per cent, Bharat Petroleum Corporation Ltd or BPCL scrip went down 1.31 per cent, Alphageo (India) share price crashed 6.3 per cent while Aban Offshore counter nosedived 4.98 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index dipped 0.75 per cent, South Korean Kospi went down 0.83 per cent, Hang Seng dipped 0.30 per cent while Shanghai index went off 0.60 per cent.

At Wall Street yesterday, the Dow 30 index scaled 0.17 per cent up, Nasdaq went off 0.01 per cent, S&P 500 corrected 0.05 per cent while SmallCap 2000 index rose 1.70 per cent.