Sensex tanks 267 points, Nifty below 11K, Bank Nifty loses 28K levels; Tata Motors, Yes Bank, SAIL stocks bleed

The stock market of India witnessed heavy selloff in the intraday trade as the Sino-US trade war got further escalated. The BSE Sensex shed 267 points but sustained above the psychological 37,000 levels after closing at 37,060 levels. The 50-stock Nifty dipped 98 points and closed at 10,918 levels. Bank Nifty index crashed 263 points and closed at 27,719 levels.

Speaking on the current market scenario Prakash Pandey, Head of Research at Fairwealth Securities said, "The current selloff is basically triggered by the escalating Sino-US trade tension and speculations of rising in crude oil prices. Currently, the market has strong support at 10,750 and till then one can expect sharp recovery once the China-US trade tension eases."

See Zee Business Live TV streaming below:

Simi Bhaumik, a SEBI registered technical equity analyst said, "Market is range-bound and one should avoid taking any position in metal, auto and PSU bank stocks. Currently, the market is trading in the range of 10,8000 to 11,000 to 11,100."

Tata Motors, Tata Power, YES Bank, SAIL and PC Jeweller stocks were among the major losing stocks today while Nestle India, Coffee Day Enterprise or CCD, Biocon, Take Solutions and Zydus Wellness stocks were the major gainers in the intraday trade session on Wednesday.

Metal stocks received the maximum beating today as the BSE Metal index lost around 2.9 per cent in the intraday trading session. Metal major Steel Authority of India (SAIL) share price crashed over 8 per cent, shares of Jindal Steel & Power nosedived 4.8 per cent, Tata Steel shares went down 4.45 per cent, NMDC stocks went off 4.27 per cent, JSW Steel scrip went down 2.67 per cent, Vedanta counter went down 1.72 per cent while NALCO dipped 3.44 per cent.

Among Asian markets, the Japanese Nikkei 225 index went off 0.28 per cent, South Korean Kospi edged 0.22 per cent higher, Hang Seng ticked 0.15 per cent up while the Shanghai markets nudged 0.01 per cent northward.