Stock Market Today: Sensex, Nifty buckle on uncertain US economic recovery; ICICI Bank, Tata Steel shares dip

Stock Market Today: On acccount of weak global cues after the Federal Reserve predicting gloomy US economic recovery, the Indian indices opened around 0.75 per cent lower from its yesterday's close. The BSE Sensex crashed 302 points and hit 38,312 levels while the NSE Nifty dipped 79 points to 11,328 mark. Bank Nifty dashed 266 points and hit 22,019 levels.

Speaking on the current stock market scenario; SEBI registered technical equity analyst Simi Bhaumik said, "The NSE Nifty is trading in a broader range of 11,050 to 11,450. Overall the marekt is bullish and any dip has to be seen as buying opportunity. For intraday traders, imediate supprot for NSE Nifty is at 11,300. If it breaks this 11,300 mark, then it can further go down by 100-150 points."

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Banking stocks received maximum beating as the BSE Banking index shed to the tune of 1.24 per cent. Banking major ICICI Bank shares dipped around 2 per cent, Axis Bank share price crasehd 1.14 per cent, shares of Kotak Mahindra Bank went off 1.16 per cent, IndusInd Bank stock price went down 1.21 per cent, State Bank of India or SBI shares went off around 1 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index crashed 1.02 per cent, South Korean Kospi nosedived 2.88 per cent, Hong Kong's Hang Seng tanked 2.11 per cent while the Shanghai index dipped 1.08 per cent.

Metal and auto stocks also went through the selloff pressure. Metal major Steel Authority of India Ltd or SAIL share price crashed 1.22 per cent, Hindustan Zinc and Tata Steel shares went off around 1 per cent.

In auto sector, Amara Raja Batteries share price went down 1.47 per cent, Hero MotoCorp shars dipped 1.21 per cent, shares of Motherson Sumi Systems stock price went down 1.72 per cent while Tata Motors stocks went down 1.36 per cent.

At Wall Street yesterday, Dow Jones dipped 0.31 per cent, Nasdaq went off 0.57 per cent, S&P 500 slide43 0.44 per cent while SmallCap 2000 added 0.20 per cent.