Stock Market Live: Sensex loses 37K, Nifty below 11,000 levels, Bank Nifty tanks over 400 points

Stock market today: The Indian indices went down heavily on weak global cues. The BSE Sensex crashed 353 points and went below the psychological 37,000 levels while the 50-stock Nifty dipped 110 points and lost the 11,000 levels in the opening bell trade session. The Bank Nifty index went down 404 points but remained above 27,000 levels.

Speaking on the current market outlook SEBI registered technical equity analyst Simi Bhaumik said, "Currently, the market is trading in the range of 10,900 to 11,250. Overall the sentiment of the market is bullish and I still advise stock market investors to see any dip as a buying opportunity in the Indian stock markets."

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Reliance Power, JK Tyre & Industries, CG Power and Industries, ITI, Syndicate Bank and Reliance NipLifeAML stocks were the major gainers in the opening bell trade session while Oriental Bank of Commerce, Jammu & Kashmir Bank, Reliance Communications, Escorts amd Tata Motors shares were the major losers in the intraday trade session.

Oil and Gas stocks led the bear run on Dalal Street as the BSE Oil and Gas index went down over 1.5 per cent in the opening bell. Oi and Gas major Bharat Petroleum Corporation Ltd share price went down 2.34 per cent, shares of Hindustan Petroleum Corporation Ltd crashed 2.13 per cent, Oil And Natural Gas Corporation Ltd shares dipped 2.19 per cent while Sensex heavyweight Reliance Industries went down 1.17 per cent.

Metal stocks also witnessed heavy selloff in the opening bell trade session as the BSE Metal index crashed near 1.5 perr cent in the morning trade session. Metal major National Aluminium Company Ltd or NALCO share price crashed 2.64 per cent, shares of Tata Steel nosedived 2.42 per cent, Hindalco Industries shares went off 2.25 per cent while Vedanta counter cooled down 1.36 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index nudged down 0.02 per cent, south Korean Kospi was down 0.21 per cent, Hang Seng was was down 0.22 per cent while the Shanghai markets dipped 0.05 per cent.