Stock Market: BSE Sensex, NSE Nifty crash on profit-booking trigger; HPCL, Hero MotoCorp shares dip

Stock Market: The BSE Sensex crashed 393 points and closed at 38,100 levels while the NSE Nifty index nosedived 97 points and closed at 11,202 mark. Bank Nifty ended 28 points lower at 22,076 mark.

If NSE Nifty manages to sustains above this 11,250 levels tomorrow, we can expect it to go up to 11,400 to 11,500 mark, says expert. Photo: Reuters

Stock Market: On account of heavy selloff in the Reliance Industries Limite (RIL) shares and profit booking in auto and IT stocks, the Indian indices succumb to the global weakness and finally ended in the red zone. The BSE Sensex crashed 393 points and closed at 38,100 levels while the NSE Nifty index nosedived 97 points and closed at 11,202 mark. Bank Nifty ended 28 points lower at 22,076 mark.

Speaking on the current market scenario Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "Overall the market trend is bullish. For the last one week, NSE Nifty has been trading in the range of 11,000 to 11,250. Today it broke that levels and made a high of 11,341 but finally came below 11,250. If it manages to sustain above this 11,250 levels tomorrow, we can expect it to go up to 11,400 to 11,500 mark." He said that Bank Nifty in in strong support zone at 21,500 to 22,000 levels and one should continue with buy on dips strategy till NSE Nifty is above 11,000 levels and Bank Nifty is above 21,500 mark.

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Energy stocks witnessed heavy selloff pressure as the BSE Energy index shed over 3 per cent. Energy major Reliance Industries Limited or RIL share price crashed over 4 per cent, Aegis Logistics share price dipped 3.56 per cent, shares of Hindustan Petroleum Corporation Ltd or HPCL went down 2.19 per cent, Panama Petrochem stocks went southward 1.38 per cent while Bharat Petroleum Corporation Ltd or BPCL stocks shed 1.45 per cent.

Auto stocks also witnessed selloff pressure as the BSE Auto index went down 1.20 per cent. Auto major Hero MotoCorp share price crashed 2.23 per cent, Amara Raja Batteries shares went off 1.80 per cent, shares of Mahindra & Mahindra went down 2.61 per cent, Motherson Sumi Systems stock price dipped 1.44 mper cent while TVS Motor Company slipped 1.27 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index shed around 1.15 per cent, south Korean Kospi added 0.27 per cent, Hong Kong's Hang Seng scaled up 0.45 per cent while the Shanghai index soared 2.06 per cent.

At Wall Street on Tuesday, Dow Jones crashed 0.77 per cent, Nasdaq nosedived 1.27 per cent, S&P 500 dipped 0.65 per cent while SmallCap 2000 went southward to the tune of 1 per cent.

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