Sensex slips below 39K, Nifty below 11,600 levels; Yes Bank, MindTree, Ashok Leyland stocks bleed

Ahead of US corporate earnings data that may become a decider for the most-awaited Fed rate cut by the stock market investors, the Indian indices went down on Thursday. The BSE Sensex dipped 318 points and closed at 38,897 levels while the 50-stock Nifty nosedived 90 points and closed at 11,596 levels. Bank Nifty index lost the 30,500 support levels and closed at 304  losing 30,430 points. YES Bank, MindTree, Magma Fincorp, Bharat Electronics and IIFL Holdings were the top losing stocks while Sun Pharma and Reliance Communications shares were the top losing stocks in the intraday trade.

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Speaking on the current market outlook Simi Bhaumik, a SEBI registered technical equity expert said, "The market has broken the support of 11,600 and has closed below 11,600. If it opens below 11,600 levels tomorrow then we can expect some further downside in the market in coming trade sessions." She said that Bank Nifty is also taken the huge plunge and came down below 30,500 levels and in next few trade session if it fails to regain the lost ground, chances to scale 31k becomes bleak.

Auto, metal, PSU, infra, oil and gas and energy stocks received the maximum bating as the BSE Auto index lost 2.65 per cent, BSE metal index went down 2.38 per cent, BSE PSU index crashed 2.17 per cent while BSE Energy index went down 1.81 per cent.

Among the Asian markets, the Japanese Nikkei 225 index crashed 1.97 per cent, South Korean Kospi went down 0.31 per cent, Hang Seng dipped 0.46 per cent while Shanghai markets nosedived over 1 per cent.