Sensex, Nifty thumb down Maharashtra, Haryana assembly results; Yes Bank, BHEL stocks dip

Stock Market News: On account of hung assembly outcome in Haryana and Maharashtra Assembly poll results not in sync with the exit polls, the Indian indices slipped in the red zone after the Closing Bell. The BSE Sensex dipped 38 points to 39,020 and 50-stock Nifty went down 21 points to 11,582. The Bank Nifty index crashed 351 points to 29,107 levels.

Speaking on the current market selloff Prakash Pandey, MD & CEO at Plutus Advisors said, "The loss at Indian stock market is mainly caused by the hung assembly poll outcome in Haryana while the election results in Maharashtra is also not in sync with people's expectation. But, it's sentimental and market will continue to remain trade in the range of 11,510 to 11,730 and I would recommend share market investors to maintain buy on dips strategy."

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Shares of Reliance Power, ICICI Securities, Reliance Infrastructure, Reliance Capital, Bharti Airtel and Reliance Industries or RIL were among the major gainers in the intraday trade while shares of Vodafone Idea, Indian Bank, Hexaware Technologies, YES Bank, Lakshmi Vilas Bank, Dewan Housing Corporation Limited or DHFL were  among the major losers after the Closing Bell.

Banking stocks had to receive the heavy beating today as the BSE Banking index crashed more than 1 per cent in the intraday trade. Banking major YES Bank share price crashed 5.76 per cent, shares of SBI or State Bank of India stocks nosedived 4.65 per cent, RBL Bank counter went down 2.84 per cent, IndusInd Bank scrip went off 3.78 per cent, Federal Bank counter went southward 2.76 per cent while Axis Bank counter received more than 1 per cent beating.

Among major Asian markets, the Japanese Nikkei index added 0.55 per cent, South Korean Kospi soared 0.24 per cent, Hang Seng shot up 0.87 per cent while the Shanghai markets were down 0.02 per cent in the intraday trade.