Sensex loses 37K, Nifty below 11,000 levels; Bank Nifty tanks over 700 points; Yes Bank, M&M stocks bleed

The stock market of India received heavy beating due to the selloff triggered by the Hong Kong unrest and China-US trade tension. The BSE Sensex crashed 623 points and closed at 36,958 levels while the 50-stock Nifty slipped below the psychological 11,000 levels and closed at 10,925 levels after losing 183 points. The Bank Nifty index lost 702 points and closed at 27,729 levels. BEML, BHEL, Yes Bank, Motherson Sumi Systems, IIFL Holdings and Spicejet shares were the top losing shares in the intraday trade while Godfrey Philips, Indiabulls Housing Finance, Reliance Industries or RIL and Sun Pharma stocks were the top gaining shares today.

Speaking on the current market scenario Prakash Pandey, Head of Research at Fairwealth Securities said, "The market is facing huge selloff due to the rising trade tension between China and the US and ongoing Hong Kong protest has done the further damage. At Nifty index, 10,850 is still strong support and one can look for a good buying option if the market further corrects for 50-75 points."

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Telecom stocks received the maximum beating in the intraday trade as the BSE Telecom index lost around 4.75 per cent. Telecom major Bharti Airtel share price crashed around 4.96 per cent, shares of GTL Infrastructure went down 6.45 per cent, ITI counter crashed 4.64 per cent, Reliance Communications counter went off 4.55 per cent while Vodafone Idea share price nosedived 6.16 per cent.

Auto stocks also went across heavy selloff in the intraday trade session as the BSE Auto index went down around 4 per cent today. Auto major Mahindra & Mahindra share price crashed 5.6 per cent, Motherson Sumi Systems stocks dipped 0ver 8 per cent, TVS Motor Company counter slipped 5.2 pre cent, Ashok Leyland share price went down 3.9 per cent, Bharat Forge and Bosch stocks went down to the tune of near 6.25 per cent.

Among Asian markets, the Japanese Nikkei 225 index crashed 1.26 per cent, South Korean Kospi dipped 0.85 per cent, Hang Seng nosedived 2.16 per cent while Shanghai Composite index went off 0.63 per cent in the intraday trade session.