Stock Market Today: Sensex slips below 38K, Nifty tanks 122 points; Eicher Motors, SBI shares bleed

Stock Market Today: On account of weeked profit-booking, the Indian indices closed around 1 per cent lower from its Thursday close. The BSE Sensex crashed 433 points and closed at 37,877 levels while the NSE Nifty tanked 122 points after closing at 11,178 mark. Bank Nifty nosedived 503 points and closed at 21,693 levels. Shares of auto, banking and finance, PSUs and telecom sector were among the major losers in the intraday trade session.

Speaking on the current market scenario Avinash Gorakshkar,  Head of Research at Profitmart Securities said, "Currently, market is moved by the quarterly results being announced by various listed companies. That's why there is slow movement in the Indian indices. As far as today's losses are concerned, it is because of the weeked profit booking. NSE Nifty has managed to close above 11,100 which is enough to placate bulls of the market.

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Shares of Rail Vikas Nigam Limitred or RVNL, Ashoka Buildcon, Phoenix Mills, Suzlon Energy, Birlasoft, Linde India, Blue Star, Advanced Enzyme Tech and Jamna Auto Industries were among the major gainers in the intraday trade session while shares of Eicher Motors, Mahindra Holidays, Balkrishna Industries, Rain Industries, Magma Fincorp and Yes Bank were among the leding losers on Friday.

Auto stocks received maximum beating as the BSE auto index bleed around 2.5 per cent in the intraday trade session. Auto major Eicher Motors share price crashed over 7 per cent, Tata Motors shares nosedived 4.69 per cent, Balkrishna Industries stock price tanked 5.36 per cent, Bosch stocks bleed 4.73 per cent, MRF counter went down 3.89 per cent while Maruti Suzuki India Ltd or MSIL stocks went off 1.90 per cent.

The BSE Banking index went down to the tune of 2.18 per cent. Banking major State Bank of India or SBI share price crashed 2.68 per cent, Axis Bank shares tanked 2.81 per cent, shares of Kotak Mahindra Bank went off 1.99 per cent, Federal Bank stock price dipped 2.50 per cent, IndusInd Bank stocks went down 2.18 per cent while HDFC Bank scrip went southward 2.31 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index went up 0.17 per cent, South Korean Kospi nosedived 1.23 per cent, Hong Kong's Hang Seng index went off 0.19 while the Shanghai index shot up 1.19 per cent in the intraday trade session.