Sensex, Nifty open in red; metal, banking stocks plunge

Indian indices slipped nearly 0.25 per cent in the opening bell session due to neutral global indicators and negative FIIs. The BSE Sensex lost 85 points to open at 38,737 while the 50-stock Nifty dipped 25 points to 11,485 levels. 

The BSE Metal index plunged more than 1.5 per cent in the opening bell session. Metal major Steel Authority of India Ltd or SAIL share price slumped 3.17 per cent, shares of National Aluminium Company or NALCO went down 2.05 per cent, NMDC counter went down 2.95 per cent, Tata Steel and Vedanta shares went down over 2.25 per cent while JSW Steel and Hindalco dipped 2.3 per cent.

Banking stocks also opened in red as the share price of banking major YES Bank crashed 5.23 per cent. The shares of IndusInd Bank plunged 3.59 per cent, RBL Bank shares went down 3.18 per cent, City Union Bank and Federal Bank shares lost 1.25 per cent while HDFC Bank and State Bank of India stocks fell 0.8 per cent.

Among major Asian markets, the Japanese Nikkei 225 index nosedived 0.53 per cent, South Korean Kospi gained 0.48 per cent, Hang Seng added 0.31 per cent while Shanghai market went down 0.40 per cent in the morning trade session.