Sensex, Nifty dip on Reliance Industries' share crash; Vodafone Idea, Yes Bank, Bharti Airtel stocks dip

The stock market of India dipped on the heavy profit-booking triggered in Reliance Industries shares and banking stocks like Yes Bank, Syndicate Bank, United Bank of India, Allahabad Bank etc. The BSE Sensex dipped 297 points and closed at 41,163 levels after the Closing Bell while the 50-stocks Nifty index crashed 88 points and closed at 12,126 levels. Bank Nifty index 283 points and closed at 31,997 levels.

Speaking on the share market outlook Prakash Pandey, MD & CEO at Plutus Advisors said, "The market has finally triggered profit-booking which was long-awaited after the sharp rally in the previous week. Nifty has strong support at 12,070 and a further dip in Nifty should be seen as a buying opportunity."

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Telecom stocks led the bloodbath as the BSE Telecom index crashed 1.73 per cent in the intraday trade session. Telecom major Vodafone Idea share price nosedived 4.11 per cent, Bharti Airtel crashed 2.21 per cent, shares of GTL Infrastructure went down 2.38 per cent, ITI stock price went off 1.22 per cent while Reliance Communications stocks soared 4.82 per cent.

Energy index also went down heavily as the energy major and Sensex heavyweight Reliance Industries share price crashed 1.94 per cent in the intraday trade. Oil PSU stocks Hindustan Petroleum Corporation Ltd or HPCL dipped 1.47 per cent, Indian Oil Corporation Ltd or IOCL stocks went off 1.77 pre cent, Oil India Ltd or OIL shares cooled down 0.67 per cent.

In banking sector Yes Bank share price crashed 4.88 per cent, Syndicate Bank shares fell freely to the tune of 7.52 per cent, Union Bank of India share price went southward 6.68 per cent, Oriental Bank of India shed 4.19 per cent while Canara Bank stock price went down 2.44 per cent.

Among the major Asian market, the Japanese Nikkei shot up 142 points after closing at 23,924 levels, South Korean Kospi surged 0.36 per cent and closed at 2,197.93 levels, Hang Seng shed 42 points and closed at 27,864.21 levels while the Shanghai market scaled 0.85 per cent after closing at 3,007.35 levels after the Closing Bell trade session at respective bourses.