Sensex sheds above 500 points, drops below 38K-mark, Nifty Bank below 29K

The stock market of India continues to bleed post-Donald Trump's tweet that fuelled Sino-US trade spat on Monday. The BSE Sensex crashed 514 points losing psychological 38,000 levels after closing at 37,761. The 50-stock Nifty dipped 143 points and closed at 11,354 levels. the Nifty Bank index nosedived 292 points after closing at 28,995 levels, below the psychological 29,000 levels. Reliance Industries or RIL, Indiabulls Real Estate and Suzlon Energy stocks were among the major losing stocks in the intraday trade.

Giving details about the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst told, "The Indian stock market today failed to recover the previous session's losses and remained below the 11,500 levels. It's losses today have indicated that the new range of the Indian indices in terms of Nifty index is 11,250 to 11,550."

Nagaraj Shetti – Senior Technical & Derivative Analyst, HDFC securities said, "After showing a sharp weakness from the highs in the last session, the bloodbath continued in the market, as the Nifty showed another session of steep weakness in today's session. A long negative candle was formed today (back to back two candles in the last two sessions), which indicates a sharp downward reversal in the market. This downward corrective leg is likely to continue in the Nifty for the next session and could reach the next support levels of 11280 in the next couple of sessions."

Energy stock led the blood bath at Dalal Street as the BSE Energy index lost around 2.5 per cent in the intraday trade. Energy major and Sensex heavyweight Reliance Industries aka RIL share price crashed around 3.5 per cent, Aban Offshore shares dipped 3.75 per cent, Asian Oilfield Services scrip nosedived over 4 per cent, GOCL Corporation counter went southward over 5 per cent while Selan Exploration Technology counter went down near 2.8 per cent.

Realty stock also witnessed heavy selloff pressure in the intraday trade as the BSE Realty index lost around 2.1 per cent. Realty major Indiabulls Real Estate share price crashed 7.68 per cent, Oberoi Realty shares dipped 5.8 per cent, Sobha stocks went down 5.31 per cent, Sunteck Realty stock price went southward 4.65 per cent, Phoenix Mills counter slipped 3.1 per cent, Housing Development & Infrastructure took a a dip of 2.26 per cent while DLF shares went off 1.3 per cent.

Power major Suzlon Energy share price crashed 5.68 per cent, Siemens counter went down 3.43 per cent, share price of Bharat Heavy Electricals Ltd or BHEL dipped 3.29 per cent, Adani Transmission share price went down 1.97 per cent and Adani Power dip near 0.5 per cent, NTPC stocks lost 2.2 per cent, Power Grid shares went off 1.07 per cent while Torrent Power scrip went down 1.92 per cent.

Asian stocks also witnessed heavy losses as the Janapense bourses Nikkei 225 lost around 1.46 per cent, South Korean Kospi dipped 0.41 per cent, Hang Seng lost 1.23 per cent while the Shanghai index crashed 1.12 per cent in the intraday trade on Wednesday.