Stock Market: Sensex, Nifty lost morning gains on weak global cues; DLF, SBI stocks dip

Stock Market: On account of global selloff taking place at various Asian markets, the Indian indices finally succumb to the weak global cues after opening in the green zone on Wall Street rebound news. The BSE Sensex lost 261 points and closed at 31,453 levels while the NSE Nifty shed 87 points after closing at 9,205 levels. Bank Nifty witnssed heavy selloff and lost 472 points after closing at 19,271 levels. 

Speaking on the Indian stock market; Prakash Pandey; MD & CEO at Plutus Advisors said, "Market is witnessing profit-booking after making top-out at around 9,800 levels. Nifty is still having strong support at 9,000 levels and now, if the Nifty breaks 9,500 it can go for the next top out at around 10,800 levels, however, if it goes below 9,000 then it can make its bottom at 8,555."

Deepak Jasani, Head Retail Research at HDFC Securities said, "Technically, with the Nifty correcting further after the sharp correction seen in the previous session, the bears remain in control for the near term. Further downsides are likely once the immediate support of 9,191 is broken towards 8,909. Any pullback rallies could find resistance at 9,396."

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Shares of SBI, Reliance Industries, Axis Bank, Gail, Hindustan Unilever Limited or HUL, ICICI Bank, Tata Motors, HDFC Bank, Bajaj Finance and Bharti Airtel were among the most trending stocks throughout the intraday trade session while shares of Housing Development Finance, HUL, Asian Paints, SBI and Reliance Industries were among the most active stocks in the intraday trade.

Realty stocks bleed maximum as the BSE Realty stocks crashed to the tune of near 3 per cent. Realty major DLF share price nosedived 4.70 per cent, Indiabulls Real Estate shares dipped 4.95 per cent, shaes of Sobha Developers went off near 5 per cent, Suntech Realty stocks went down 3.15 per cent while Oberoi Realty wernt off 1.24 per cent.

Banking stocks received heavy beating in today's selloff as the BSE Banking index went down around 2.35 per cent. Banking major State Bank of India or SBI share price crashed 4.64 per cent, Axis Bank shares nosedived 3.38 per cent while shares of Kotak Mahindra Bank dipped around 3 per cent, ICICI Bank stock price went off 2.19 per cent, HDFC Bank slide 1.24 per cent while IndusInd Bank stock dip aound 1 per cent.

Among teh major Asian makets, the Japanese Nikkei 225 index went down 2.84 per cent, South Korean Kospi nosedived 2.68 per cent while Hang Seng rose 1.08 per cent.

At Wall Street yesterday, Dow 30 rose 0.11 per cent, Nasdaq skyrocketed 1.23 per cent, S&P 500 index added 0.42 per cent while SmallCap 2000 gained 0.18 per cent.