Sensex, Nifty tanks on US-China trade tension; Yes Bank, DHFL, NALCO stocks bleed

Stock Market: The Indian indices crashed after breaking the six days losing streak on Wednesday. Share market experts are of the opinion that this crash has been caused by the fresh tensions emerging in the US-China trade talks the US President Donald Trump clearly said yesterday that no short-term measures would work and December tariff would be imposed on China if there is no breakthrough in the US-China trade talks scheduled on October 10-11. The BSE Sensex shed 297 points and closed at 37,880 levels after the closing bell while the 50-stock Nifty went down 78 points and closed at 11,234 levels. The Bank Nifty index crashed 772 points and closed at 28,013 levels.

Speaking on the stock market trends at Dalal Street Sumeet Bagadia, Executive Director at Choice Broking said, "The market has went down after the hit on the scheduled US-China trade talks. However, if we go by psychological numbers, the Nifty is in the range of 11,100 to 11,300 and once it breaks the upper levels, we can expect it to touch the 11,500 levels. Till then, buy on dips should be the strategy till Nifty is above 11,100."

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Indiabulls Housing Finance, Dewan Housing Finance Limited or DHFL, RBL Bank, IndusInd Bank, Yes Bank, National Aluminum Corporation Limited or NALCO, Reliance Capital, Reliance Power and Suzlon Energy stocks were the major losing shares while Spicejet, Vodafone Idea, Bharti Airtel, Adani Green Energy and Adani Gas stocks were the major gaining stocks in the intraday trade.

Banking stocks received the maximum beating as the BSE Bankex went down near 2.8 per cent. Banking major YES Bank share price went down 5.44 per cent, shares of IndusInd Bank crashed 6.1 per cent, RBL Bank shares nosedived 6.8 per cent, State Bank of India or SBI stocks price went down near 2.5 per cent, ICICI Bank shed 2.7 per cent while Axis Bank and Federal Bank shares dipped to the tune of 1.65 per cent.

Among major Asian markets, the Japanese Nikke added 0.45 per cent, South Korean Kospi shed 0.88 per cent, Hang Seng ticked 0.1 per cent higher while the Shanghai market rose 0.78 per cent.