Sensex, Nifty dip on Libya-Iraq Crisis; Selloff triggers in Auto, Metal stocks

The stock market of India crashed in the Opening Bell on Tuesday on account of the Libya-Iraq crisis that led to a rise in crude oil prices in global merchandise. The BSE Sensex crashed 168 points to 41,360 levels while the Nifty-50 index went off 42 points at 12,182 mark. The Bank Nifty index went below 31,000 levels after shedding 173 points at 30,907 levels.

Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical stock analyst said, "Overall the market is bullish and Nifty has strong support at 12,150 levels. If it breaks this support then we can expect it to further go down up to 12,050 levels. I would suggest stock market investors to take any dip as a buying opportunity, especially when the Nifty is at its support levels."

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Shares of Reliance Industries or RIL, Tata Motors, SBI, Kotak Mahindra Bank, TCS, Yes Bank, Havells India, Bharti Airtel, Tata Steel and Federal Bank were among the most trending stocks in the Opening Bell on Tuesday while shares of IndusInd Bank, Vodafone Idea, HDFC Bank, Indiabulls and Bharti Infratel were among the most active stocks in the Opening Bell in the intraday trade.

Auto and metal stocks received the maximum beating in the Opening Bell today as both indices went down around 0.54 per cent. Auto major Motherson Sumi Systems share price crashed 1.89 per cent, TVS Motor Company shares went off 1.03 per cent, shares of Ashok Leyland went down 1.06 per cent, Eicher Motors stocks cooled down around half a per cent while Mahindra & Mahindra stock price went down 0.78 per cent.

Metal major Hindustan Zinc share price dipped 1.32 per cent, Tata Steel shares went down around 1 per cent, NMDC and JSW Steel stocks went off around 0.75 per cent while Jindal Steel & Power share price went down near half a per cent.

Among the major Asian markets, the Japanese Nikkei 225 index crashed 0.94 per cent and went up to 30,907.05 levels, Kospi dipped 0.68 per cent at 2,247.32 levels, Hang Seng nosedived 2.31 per cent to 28,134.00 levels while Shanghai markets went down over 1 per cent to 3,063.56 levels.