Stock Market Today: Sensex, Nifty tank over 6.5% on Reliance Industries selloff; SBI shares crash over 9 pct

Stock Market Today: On account of the rise in Coronavirus fears and negative foreign institutional investors (FIIs) the Indian share market crashed over 4.5 per cent in the Opening Bell trade session. The BSE Sensex crashed 2433 points and hit 33,263 levels while the 50-stocks Nifty index nosedived 718 points and came down at 9,736.55 levels. Bank Nifty index slide 2069 points and hit 24,418 levels.

Speaking on the current market scenario Abhimanyu Sofat, Head Of Research at IIFL Securities said, "The panic in the market might continue till we see global funds get into a complete distress mode. The reduction of economic activity is the solution to stop virus spread. So the next couple of months will be challenging till people get used to it.”

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Energy stocks led the maximum beating as the BSE Energy index crashed 7.67 per cent in the early morning trade session. Energy major and Sensex heavyweight Reliance Industries share price crashed 6.77 per cent. As Reliance Industries stocks hold around 16 per cent net strength of the Sensex, the selloff in the RIL shares is one of the major reasons for the Sensex sinking to the tune of 1730 points. Bharat Petroleum Corporation Ltd or BPCL share price nosedived 6.59 per cent, Hindustan Petroleum Corporation Ltd or HPCL shares went southward 5.76 per cent, Indian Oil Corporation Ltd or IOCL stock price slide 5.62 per cent while Oil India Ltd or OIL stocks went off over 10.50 per cent.

Metal stocks also went through heavy beating in the early morning trade session as the BSE Metal index went down 6.76 per cent. Metal major Vedanta share price went down 7.71 per cent, Tata Steel shares and Steel Authority of India Ltd or SAIL shares crashed 8.35 per cent, shares of National Aluminium Company or NALCO went off 5.62 per cent while JSW Steel stock price went southward over 8 per cent. Hindalco Industries share price nosedived 6.96 per cent.

Banking stocks also witnessed heavy selloff in the early morning trade session as the BSE Banking index crashed over 5 per cent. Banking major State Bank of India or SBI share price crashed 6.93 per cent, Yes Bank shares nosedived over 7.1 per cent, shares of RBL Bank slide 8.93 per cent, IndusInd Bank stock price dipped 5.34 per cent, ICICI Bank stocks went down 4.82 per cent, HDFC Bank scrip corected to the tune of 4 per cent while Axis Bank shares went southward over 7 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index crashsed 5.26 per cent, South Korean Kospi nosedived 4.75 per cent, Hang Seng slide 4.15 per cent while the Shanghai index went off 1.34 per cent in the Opening Bell trade session.