Closing Bell: Sensex, Nifty tank on neutral FII; RCom, Bharti Airtel, HDFC Bank, RIL stocks bleed

On account of foreign institutional investors (FIIs) becoming neutral and weak global sentiments, the Indian indices crashed on Tuesday after witnessing heavy selloff in Telecom, banking and financial stocks. The BSE Sensex crashed 353 points after closing at 38,585 levels while the 50-stocks Nifty index dipped 87 points and closed at 11,584 levels. The index Nifty Bank lost teh psychological 30,000 levels and closed at 29,803 levels after losing 310 points in the intraday trade on Wednesday. Telecom majors Reliance Communications, Bharti Airtel and banking major HDFC Bank stock went down after heavy selloff post-sire in crude oil prices in the global commodity market. Reliance Industries or RIL stocks lost over half a per cent.

Speaking on the market outlook Prakash Pandey, Director & Head of Research at Fairwealth Securities said, "Now Nifty (spot) is having strong support around 11580-11600 zone & dips towards that will be a good buying opportunity." Pandey said that the market was overall bullish and investors should take such correction as buying opportunity rather getting panic over the huge selloff.

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Telecom stocks led the bear run on Dalal Street today. Telecom major Bharti Airtel lost 3.7 per cent, GTL Infrastructure crashed around 4.5 per cent, GTL limited went down near 3 per cent, Reliance Communications aka RCom stocks dipped over 4.5 per cent, Sterlite Technologies scrip went down around 3.7 per cent, ITI counter went down over 2 per cent while MTNL counter was down nera 1 per cent.

Tech stocks also had to witness heavy selloff today. Tech major TCS dipped over 2 per cent, shares of HCL Technologies crashed around 1.8 per cent, Just Dial went down 1.84 per cent, Infosys scrip was off 0.76 per cent while MindTree and PVR stocks rose over 1.35 per cent. 

After the Brent Crude oil rising around $71/barrel in the international commodity markets, banking stocks at the Dalal Street had to face the pressure. Banking major HDFC Bank went down over 2 per cent, Bank of Baroda dipped around 1.8 per cent, ICICI Bank and IndusInd Bank stocks lost over 1 per cent, SBI shares went down 1.3 per cent while Yes Bank scrip went off around 0.85 per cent.

Asian stocks also witnessed a tepid trade on Wednesday. Japan's Nikkei 225 index lost over half a per cent, Hang Seng went off near 0.1 per cent, South Korean Kospi went up 0.49 per cent while the Shanghai index nudged 0.07 per cent higher.