Stock Market: BSE Sensex below 35K, Nifty tanks 165 points; ICICI Bank, Bharti Airtel shares dip

The BSE Sensex lost 578 points and closed at 34,852 mark while the NSE Nifty shed 165 points and closed at 10,305 levels. Bank Nifty crashed 838 points and closed at 21,426 levels.

This selloff in the markets can be attribuited to the two reasons — profit-booking after the huge rally and global selloff triggered on fear of second wave of Coronavirus, says expert. Photo: Reuters

Stock Market: On account of profit-booking triggered globally after the second wave of Cooronavirus fears, the Indian indices witnessed heavy selling pressure in the second half of the intraday trade session. Banking and finance, telecom, power, realty and healthcare shares underwent heavy profit-booking that led to the BSE Sensex lose the psychological 35,000 levels. The BSE Sensex lost 578 points and closed at 34,852 mark while the NSE Nifty shed 165 points and closed at 10,305 levels. Bank Nifty crashed 838 points and closed at 21,426 levels.

Speaking on the current market selloff Prakash Pandey, MD & CEO at Plutus Advisors said, "This selloff in the markets can be attributed to the two reasons — profit-booking after the huge rally and global selloff triggered on fear of second wave of Coronavirus." Pandey said that market is currently trading in a broader range of 10,180 to 10,550 and advised investors to avoid taking any position above 10,250.

Giving technical view about the Indian stock market Deepak Jasani, Head Retail Research at HDFC Securities said, "Technically the Nifty seems to have reversed from 61.8 per cent retracement of the fall from 12,430 to 7,511. With this an intermediate downtrend seems to have set in. The next support for the Nifty is at 10,111 to 10,244 band."

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Shares of Mangalore Refinery, Hatsun Agro Products, Jammu & Kashmir Bank, Page Industries, Centrum Capital, Adani Gas, Sunteck Realty, South Indian Bank and Bank of India were among the leading gainers in the intraday trade session while shares of Indiabulls Housing Finance, Union Bank of India, IndusInd Bank, ICICI Bank, DCB Bank, Sun Pharma Advanced and Federal Bank were among the major losers in the intraday trade session.

Banking stocks received maximum beating as the BSE Banking index lost 3.96 per cent in the intraday trade session. Banking major ICICI Bank share price crashed 6.99 per cent, IndusInd Bank shares nosedived 6.60 per cent, shares of Axis Bank dipped 4.27 per cent, State Bank of India or SBI stock price went down 4.13 per cent while Kotak Mahindra Bank scrip shed 3.24 per cent.

Telecom stocks also went through heavy selloff pressure as the BSE Telecom index shed to the tune of near 3 per cent in the intraday trade session. Telecom major Vodafone Idea share price crashed 4.59 per cent, Mahanagar Telephone Nigam Ltd or MTNL shares nosedived 4.55 per cent, shares of Bharti Airtel dipped 3.67 per cent, Sterlite Technologies stock price went down 3.56 per cent, Tata Communications counter went off near 3 per cent while Reliance Communications scaled up 4.48 per cent.

Among the major Asian markets, the Japanese Nikkei went down 0.07 per cent, South Korean Kospi scaled 1.42 per cent up, Hong Kong's Hang Seng dipped 0.50 per cent while the Shanghai index added 0.30 per cent in teh intraday trade session.

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