Sensex tanks 289 points, Nifty near 11K, Bank Nifty loses 29,000 levels; CCD, RBL Bank stocks bleed

The stock market of India got hit by fresh selloff triggered by the FIIs. The BSE Sensex tank 289 points after closing at 37,397 levels while the Nifty-50 index went down 103 points and closed at 11,085 levels — almost close to 11,000 levels as predicted by share market experts. Bank Nifty index lost 504 points and lost the psychological 29,000 levels after closing at 28,791 levels. CCD, Jain Irrigation, SREI Infrastructure, RBL Bank and Indian Bank were among the top losing stocks in the intraday trade while Bharat Electronics, VIP Industries and Strides Pharma stocks were among the top gaining shares today.

Speaking on the market outlook Prakash Pandey, Head of Research at Fairwealth Securities said, "The recent tank is caused by the FIIs heavy selloff as the budget surcharge being levied on the FPIs hasn't gone down well among them. But, the Indian Government has already made it clear that they are not going to bow down at the FIIs pressure tactics as the step has been taken to ensure the safety of the domestic small investors in the stock market. So, if the government continues with its stand for coming 8-10 trading sessions, then we can further witness some downside and Nifty 50 index may show 10,750 in coming four to five trading sessions." He suggested stock market investors to sell on rise till any comment from the Modi 2.0 Government comes in regard to the budget surcharge being levied on the FPIs.

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Metal stocks led the bloodbath at Dalal Street as the BSE Metal index dipped around 3.4 per cent in the intraday trade. Metal major Steel Authority of India (SAIL) share price crashed 5.77 per cent, shares of Jindal Steel & Power and JSW Steel slipped over 4.5 per cent, Tata Steel shares went down 4.4 per cent, NALCO stocks went southward 3.1 per cent while Hindalco Industries counter went down 1.7 per cent.

Energy stocks also witnessed heavy selloff in the intraday trade. Energy major Reliance Industries or RIL share price tanked around 2.75 per cent, Jindal Drilling & Industries stocks crashed 5.34 per cent, shares of Indian Oil Corporation went down 3.58 per cent, Coal India shares went down 3.6 per cent, Castrol India counter crashed 1.96 per cent while Adani Gas scrip went off near 1 per cent.

Among Asian markets, the Japanese Nikkei 225 index soar 0.43 per cent, South Korean Kospi scaled 0.45 per cent, Hang Seng added 0.14 per cent while hanghai market ticked 0.39 per cent higher.