Sensex, Nifty dip on escalating US-Iran tension; HPCL, Axis Bank stocks slip

Stock Market News: On account of the rise in US-Iran tension after a fresh threat from the US President Donald Trump and retaliation by the Iran government, the Indian indices dipped in the Opening Bell trade session. The BSE Sensex went down 273 points to 41,190 levels while the 50-stocks Nifty crashed 86 points to 12,140 levels. Bank Nifty dipped 374 points at 31,695 levels.

Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "The market is sliding because of the geopolitical tension caused by the fresh US-Iran standoff. Nifty is currently having support at 12,050 levels, if it goes below this level then we can expect it to go down below 12,000 as well."

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Power stocks led the bloodbath at Dalal Street as the BSE power index went down 1.65 per cent in the Opening Bell trade session. Power major Reliance Infrastructure Ltd or RIL share price crashed 3.89 per cent, shares of Power Grid Corporation of India dipped 2.41 per cent, KEC International shares went down 2.31 per cent, JSW Energy stock price dipped  2.14 per cent while BHEL slipped 1.90 per cent. Hindustan Petroleum Corporation Ltd or HPCL share price crashed 4.59 per cent.

Banking stocks received fresh beating as the FIIs have gone down negative after the rise in geopolitical tension. The BSE banking index went down near 1 per cent in the intraday trade session. Banking major State Bank of India or SBI share price crashed 2.74 per cent, Yes Bank shares dipped 2.34 per cent, shares of RBL Bank nosedived 2.61 per cent, Federal Bank stock price crashed 2.47 per cent while Axis Bank share price dipped 1.77 per cent in the Opening Bell trade session.

Among the major Asian markets, the Japanese Nikkei 225 index crashed 470 points to 23,186 levels, South Korean Kospi went down over 21 points to 2,154.57 levels, Hang Seng nosedived 176 points to 28,277.00 levels while the Shanghai markets went down 18 points to 3,101.98 levels.