Sensex, Nifty slide on weak banking stocks; IndusInd Bank, NMDC, DHFL stocks bleed

Stock Market News: On account of heavy selloff in the banking sector, Indian indices ended in red zone. The BSE Sensex shrink 106 points and closed at 41,459 levels. The nifty index dipped 26 pointts after closing at 12,174 mark while the Bank Nifty crashed 262 points and closed at 31,230 levels — above the support levels of 31,100 mark.

Speaking on the current market scenario SEBI registered technical equity expert Simi Bhaumik said, "Market is overall bullish and one can buy till Nifty is above 12,150 — Nifty's strong support in current market situation." Bhaumik advised that Nifty is poised to scale up to 12,300 to 12,350 levels and one should take every dip as buying opportunity."

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SBI, Yes Bank, Tata Motors, IndusInd Bank, IRCTC, ICICI Bank, Reliance Industries and Infosys shares remained top trending stocks throughout the intraday trade while shares of Indiabulls, Hindustan Unilever, Yes Bank, Titan Company and Dr. Reddy's Labs were among the most active stocks in the intraday trade session.

Banking stocks received heavy selloff throughout the intraday trade session as the BSE Bakex went down over 1 per cent. Banking major IndusInd Bank share price crashed 3.54 per cent, City Union Bank shares went down 1.93 per cent, Axis Bank stock price dipped 1.20 per cent, Federal Bank stocks nosedived 1.49 per cent, RBL Bank shares went down 2.17 per cent while Kotak Mahindra Bank scrip nosedived 1.44 per cent. However, SBI share price scaled 2.31 per cent and Yes Bank shares skyrocketed 6.39 per cent.

In the financial sector, Dewan Housing Finance Corporation Ltd or DHFL share price crashed 4.97 per cent, Housing and Urban Development Corporation shares went down 2.53 per cent, Lakshmi Vilas Bank stock price tanked 4.78 per cent, PNB Housing Finance stocks dipped 1.99 per cent while GIC Housing Finance scrip went down 1.81 per cent.

Among the major Asian bourses, the Japanese Nikkei 225 went offf 0.14 per cent, South Korean Kospi cooled down 0.24 per cent, Hang Seng went down 0.34 per cent while Shanghai index dipped 0.71 per cent in the intraday trade session.