Stock Market: Sensex, Nifty tank near 3 pct on global oil price crash; IndusInd Bank, Tata Steel stocks dip

Stock Market Today: On account of historic oil price plunge, the global indices feel the selloff pressure throughout the intraday trade session that included Indian indices as well. The BSE Sensex crashed 1,011 points and closed at 30,636 levels while the NSE Nifty dipped 280 points and closed at 8,981 — below 9,000 levels. Bank Nifty index crashed 1,113 points and closed at 19,409 levels.

Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "I have been maintaining that much will depend upon how the Wall Street performs from now onwards. The current selloff at the Indian and other global bourses should be seen as an added pressure on the bears that got triggered after the historic oil price plunge yesterday. I still maintain that Nifty has immediate support at 8,850 but it has strong support level at 8,555."

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Deepak Jasani, Head of Research at HDFC Securities said, "Indian equity markets followed weak global cues and ended lower on Tuesday after a feeble recovery from intra day lows. The NSE Nifty 50 index ended below the 9,000 mark at 8,981, down 3 percent. Technically the Nifty has closed below the psychological level of 9000. 8821 is the next crucial support and if it gets breached, a sharper fall could ensue. On upsides 9091 could offer resistance."

Shares of Reliance Industries, Bajaj Finance, ICICI Bank, Tata Motors, SBI, IndusInd Bank, Sun Pharma, Aurobindo Pharma, Cipla and HDFC Bank were among the most trending stocks throughout the intraday trade session while shares of Bajaj Finance, Axis Bank, Dr. Reddy's Lab and Housing Development Finance were among the most active stocks throughout the intraday trade session.

Banking stocks received the maximum beating as the BSE Banking index went down over 5 per cent in the intraday trade session. Banking major IndusInd Bank share price crashed 12.30 per cent, ICICI Bank shares nosedived 8.28 per cent, shares of Axis Bank went down 7.61 per cent, Kotak Mahindra Bank stock price dipped 4 per cent while shares of State Bank of India or SBI dipped around 3.97 per cent.

Metal stocks also witnessed heavy selloff as the BSE Metal index went down near 5.29 per cent. Metal major Tata Steel share price crashed 7.11 per cent, Jindal Steel & Power shares went down 8.45 per cent, shares of Hindalco Industries went down 8.11 per cent, Steel Authority of India Ltd or SAIL stock price dipped 5.19 per cent while Vedanta counter went down 3.74 pe cent.

Among the major Asian indices, the Japanese Nikkei 225 index crashed 1.97 per cent, South Korean Kospi slide 1 per cent, Hang Seng nosedived 2.20 pe cent while Shanghai index slipped 0.95 per cent.