Sensex, Nifty sink on weak global cues; Tata Steel, Maruti Suzuki India stocks dip

The stock market of India went down on account of the weak global cues coming in from the Libya-Iraq crisis that led to a rise in global crude oil prices. The BSE Sensex crashed 205 points and closed at 41,323 levels while the Nifty-50 index went down 54 points and closed at 12,169 levels, above the 12,150 support level. Bank Nifty index shed 133 points and closed at 30,947 levels after the Closing Bell trade session. 

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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Auto stocks received a heavy beating in the intraday trade as the BSE Auto shed 1.24 per cent after the Closing Bell. Auto major Maruti Suzuki India share price went down 2.10 per cent, TVS Motor Company shares dipped 2.09 per cent, Tata Motors stocks price slipped 2.31 per cent, Mahindra & Mahindra stocks went down 2.83 per cent, Bharat Forge stock price dipped 1.63 per cent while MRF shares went off 1.13 per cent in the intraday trade.

Metal stocks also had testing times at the Indian bourses as the BSE Metal index crashed 1.30 per cent in the intraday trade. Metal major Tata Steel share price crashed near 3 per cent, NMDC wend down to the tune of 3.03 per cent, Hindustan Zinc stocks went down 1.94 per cent, JSW Steel counter went off 1.64 per cent while National Aluminium Company Ltd or NALCO shares dipped 1.52 per cent.

Among the major Asian bourses, the Japanese Nikkei crashed 0.91 per cent and closed at 23,864.56 levels, Kospi went down 1.01 per cent and closed at 2,239.69l levels, Hang Seng nosedived 2.81 per cent and closed at 27,985.33 levels while the Shanghai Composite Index dipped 1.45 per cent in the intraday trade session.