Sensex slips below 38K, Bank Nifty dips near 29K; Bandhan Bank, Coal India, Apollo Tyres stocks bleed

The stock market of India continues to feel the FiI selloff heat on Tuesday as Modi 2.0 Government stands firm with its decision to levy a budget surcharge on the FPIs. The BSE Sensex slipped 48 points and lost the psyhological 38,000 levels after closing at 37,982 levels. The Nifty 50 index also witnessed the selloff pessure and lost 15 points after closing at 11,331 levels. Bank Nifty index sank 156 points and came down near 29,000 levels as it closed at 29,128 levels. DHFL, PC Jeweller, Minda Industries and Can Fin Homes stocks were among the top gaining stocks today while GRUH Finance, Bandhan Bank, PNB and Shriram Transport Finance were among the top losing stocks in the intraday trade.

Speaking on the current market sentiments Prakash Pandey, Head of Research at Fairwealth Securities said, "The recent tank is caused by the FIIs heavy selloff as the budget surcharge being levied on the FPIs hasn't gone down well among them. But, the Indian Government has already made it clear that they are not going to bow down at the FIIs pressure tactics as the step has been taken to ensure the safety of the domestic small investors in the stock market. So, if the government continues with its stand for coming 8-10 trading sessions, then we can further witness some downside and Nifty 50 index may show 10,750 in coming four to five trading sessions."

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Banking and Finance stocks bleed maximum as the BSE Finance index went down around 0.78 per cent in the intraday trade. Finance major Bandhan Bank share price crashed 6.81 per cent, shares of Bank of Baroda went down near 5 per cent, GRUH Finance stocks went down 6.11 per cent, Mahindra & Mahindra Financial Services scrip went down near 6 per cent while Motilal Oswal Financial Services and Punjab national Bank stocks went down around 6 per cent.

Auto stocks also witnessed heavy selloff today as the index lost around 0.84 per cent on Tuesday. Auto major Apollo Tyres share price crashed 4.51 per cent, shares of TVS Motor Company dipped 2.79 per cent, Ashok Leyland stocks went down near 2 per cent, Bajaj Auto scrip went off around 1.5 per cent, Bharat Forge counter went down 1.43 per cent while Exide Industries, Mahindra & Mahindra and Maruti Suzuki India stocks went off 1 to 1.25 per cent.

Among Asian markets, the Japanese Nikkei 225 index scaled 0.95 per cent, South Korean Kospi went up 0.39 per cent, Hang Seng soar 0.34 per cent while Shanghai index went northward 0.45 per cent.