Sensex, Nifty dip on Reliance Industries selloff; Bharat Forge, Delta Corp, BPCL stocks bleed

Stock Market News: On account of the heavy selloff in the Reliance Industries shares price and Christmas holiday lull among the FIIs, the Indian indices went down in the intraday trade. The BSE Sensex crashed 181 points at 41,461 level while the 50-stocks Nifty nosedived 48 points and closed at 12,214 levels. Bank Nifty index went down 58 points and closed at 32,280 levels.

Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "Nifty is facing resistance in 12,250 to 12,300 and it has failed to sustain above 12,250. However, there are still chances for the Nifty to break 12,300 levels post-Christmas. So, any dip in the markets should be seen as a buying opportunity."

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Energy stocks led the bloodbath as the BSE Energy shed 1.21 per cent in the intraday trade after the Closing Bell. Energy major and Sensex heavyweight Reliance Industries share price, which holds around 1/6th of the stock market strength, crashed 1.59 per cent, Bharat Petroleum Corporation Ltd or BPCL shares nosedived 3.12 per cent, shares of Hindustan Petroleum Corporation Ltd or HPCL went down 1.39 per cent, Jindal Drilling & Industries Ltd stock price dipped 1.60 per cent.

Shares of Bharat Forge, Delta Corp, IIFL Finance, KEC International, Adani Enterprises, Shoppers Stop and DHFL were among the major losers in the intraday trade after the Closing Bell while stocks of IFCI, ICICI Securities, Adani Green Energy, Reliance Infrastructure, IDFC, Indiabulls Housing Finance and Reliance Capital were among the major gainers after the Closing Bell trade session.

Among the major Asian markets, the Japanese Nikkei inched 0.04 per cent higher at 23,830 levels, Kospi dipped 0.62 per cent at 2,190 levels, Hang Seng dipped 0.15 per cent to 27,864 levels while the Shanghai markets went up 0.67 per cent at 2,982 levels.