Stock Market: Sensex sheds 126 points, Nifty below 12K; Tata Steel, Adani Power stocks bleed

Stock Market News: The Indian indices continue to trade caution and slipped further on calibrated profit-booking by the share market investors. The BSE Sensex dashed 126 points and closed at 40,675 levels while the 50-stock Nifty index dipped 54 points and closed at 11,994 levels — below the psychological 12,000 levels. The Bank Nifty index crashed 258 points and closed at 31,613 levels after the Closing Bell trade session.

Speaking on the current stock market outlook Prakash Pandey, MD & CEO at Plutus Advisors said, "The 50-stock index Nifty is clearly lacking momentum at the highest levels. It's expected to remain in 11,860 to 12,150 range throughout the week. Some correction from current levels is expected and I would advise share market investors to adopt buy on dips strategy throughout the week."

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Power shares also witnessed heavy beating throughout the day as the BSE Power index went down 1.33 per cent. Power major Adani Transmission share price crashed 5.77 per cent, Adani Power shares nosedived 4.33 per cent, shares of Reliance Infrastructure went down 4.93 per cent, Tata Power Company stocks went down 1.51 per cent, Bharat Heavy Electricals Ltd or BHEL shares went southward 2.44 per cent.

Metal stocks led the bloodbath as the BSE Metal index corrected around 2.67 per cent in the intraday trade session. Metal major Tata Steel share price crashed near 5 per cent, shares of Jindal Steel & Power nosedived 6.84 per cent, Steel Authority of India Ltd or SAIL shares dipped 3.55 per cent, Vedanta stock price went off 3.42 per cent while JSW Steel stocks corrected 4.27 per cent.

Among the major Asian stock markets, the Japanese Nikkei 225 index shed 0.64 per cent, South Korean Kospi dipped 0.38 per cent, Hang Seng went off 0.20 per cent while the Shanghai markets scaled 0.31 per cent in the intraday trade.