Sensex, Nifty dip on weak global cues; Vodafone Idea, RCom, JSW Steel, Adani Power stocks bleed

The stock market of India nix yesterday's gains and witnessed heavy selloff in the intraday trade on weak global cues caused after the escalating Sino-US trade spat. The BSE Sensex crashed 203 points after closing at 37,114 levels while the 50-stock Nifty lost 65 points and closed at 11,157 levels. The index bank Nifty dipped 212 points and closed at 28,616 levels. Vodafone Idea, RCom, JSW Steel, Adani Power stocks lost heavily in the intraday trade. Telecom major Vodafone Idea crashed near 8 per cent on Wednesday.

Giving his views on the current market trend Mehul Kothari, Senior Technical Analyst at IndiaNivesh told Zee Business online, "In the upcoming session, 11,100 to 11,000 might act as a strong base for the bulls and hence traders can use a dip from here to initiate fresh long positions. Short term traders can follow a stop of 11000 but traders willing to hold positions with regards to election verdict might accumulate the index but with a stop loss below 10,700." Kothari of IndiaNivesh further added that on the upside 11,300 might now act as an immediate hurdle for the bulls. A close above the same might confirm a bottom in place. We advise traders to avoid over-leveraged positions and follow strict stop loss.

Metal stock led the bear run on Dalal Street as the BSE Metal index lost over 2 per cent in the intraday trade. Metal major JSW Steel crashed over 4.5 per cent, shares of Jindal Steel & Power dipped around 3.75 per cent, Vedanta share price lost 2.83 per cent, Tata Steel witnessed 1.76 selloff after ThyssenKrupp JV cancellation while PSU majors SAIL share price went down 3.46 per cent, NALCO dipped 2.15 per cent and Hindalco stocks lost 1.4 per cent.

Telecom stocks also witnessed heavy selloff as Vodafone Idea lost 7.5 per cent in the intraday trade, Reliance Communications or RCom lost 4.67 per cent, MTNL went down over 3 per cent, GTL Ltd shares went southward 4.38 per cent while Bharti Airtel went down 1.4 per cent.

However, Realty stock had some fresh buying in the intraday trade. Realty major Oberoi Realty shot up 3.27 per cent, shares of Godrej Properties went upward 3.16 per cent, Sunteck Realty share price scaled 2.24 per cent northward but DLF counter dipped 2.9 per cent.

Among Asian markets, Japanese Nikkei 225 index gained 0.58 per cent, South Korean Kospi shot up over half per cent, Hang Seng added 0.52 per cent while the Shanghai index went northward around 1.91 per cent.