Stock Market Today: Sensex, Nifty crash on historic oil price plunge; Axis Bank, ONGC shares dip

Stock Market Today: On account of historic oil price crash yesterday, the global markets opened in the red zone today that includes Indian indices. The BSE Sensex crashed 781 points and hit 30,866 levelks while the NSE Nifty went down 227 points to 9,033 levels. Bank Nifty went down 683 points to 19,838 levels. 

Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel Broking told yesteday after market close, "Till the time Nifty manages to hold the 9000 mark, the possibility of extending the relief rally remains intact. For the coming session, 9320 followed by 9400 can be seen as immediate hurdles; whereas on the flipside, the intraday support can be seen at 9200-9100 levels. Although benchmark consolidated, there was good stock specific action seen throughout the day. Hence, traders are advised to keep following stock specific approach.”

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Shares of SBI, Reliance Industries, Tata Motors, HFC Bank, ICICI Bank, Infosys, Sun Pharma, Yes Bank, Axis Bank and ITC were among the most trending stocks in the early morning trade session while shares of Bajaj Finance, Housing Development Finance, IRCTC and SBI were among the most active stocks in the opening bell trade session.

Banking stocks received the maximum beating in the opening bell trade session as the BSE banking index went down around 4.1 per cent. Banking major Axis Bank share price crashed 6.93 per cent, IndusInd Bank shares nosedived 7.14 per cent, shares of ICICI Bank dipped 6.36 per cent, RBL Bank stock price went down 7.19 per cent, State Bank of India or SBI share price went southward 3.30 per cent, Kotak Mahindra Bank countger went off 2.81 per cent while HDFC Bank scrip went down 2.33 per cent.

Energy stocks went down as well after the BSE energy index went down around 3.4 per cent. Energy major Reliance Industries share price went down 3.33 per cent, Oil And Natural Gas Corporation or ONGC share price crashed 6.14 per cent, shares of Petronet LNG went down 2.93 per cent, Oil India counter dipped 6.40 per cent, Indian Oil Corporation Ltd or IOCL counter went off 3.20 per cent while HPCL counter went down 2.51 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index shed 2.45 per cent, Kospi went down 1.85 per cent, Hang Seng crashed 2.62 per cent while Shanghai market went down 1.35 per cent in the early morning trade session.