Stock Market: On account of uncertainty over the US-Saudi deal on crude oil and weakness in Wall Street indices, the Indian indices opened on the lower side in the Opening Bell today. The BSE Sensex dipped 107 points to 28,158 levels while the 50-stock index NSE Nifty went off 42 points to 8,211 levels. Bank Nifty shed 372 points to 17,841 levels.
Speaking on the current market position Simi Bhaumik, a SEBI registered technical equity analyst said, “The market is showing weakness due to the slide at US indices at Wall Street. Currently, Nifty has immediate support at 8,000 but any further dip from these levels may lead to its slip towards 7,500 to 7,300 levels. My advice for the traders to avoid taking any position in the current market scenario and wait till the Coronavirus impact becomes visible in the US.”
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Shares of Reliance Industries, SBI, Tata Motors, HDFC Bank, ICICI Bank, IndusInd Bank, Infosys, Yes Bank, Axis Bank and ITC were among the most trending stocks in the early morning trade session while shares of Embassy Office, Housing Development Finance, Tata Consultancy Services or TCS, Hindustan Unilever Limited or HUL and Bajaj Finance were among the most active stocks in the intraday trade session.