Stock Market Today: On account of weakness at Wall Street and other global bourses, the Indian indices opened lower in the Opening Bell trade session. The BSE Sensex went down 310 points to 29,158 levels while the NSE Nifty index shed 108 points and hit 8,489 levels. Bank Nifty index crashed 315 points and hit 18,828 levels, below the psychological 19,000 levels that it had scaled yesterday.
Speaking on the Indian stock market Prakash Pandey, MD & CEO at Plutus Advisors said, “It’s very important for Nifty to sustain above 8,300. Any dip from these levels will further put the bearish flow at Dalal Street. However, much depends upon Wall Street and its trend. Any further weakness in the US market is dangerous for the Indian share market.”
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Shares of SBI, Reliance Industries, Tata Motors, HDFC Bank, IndusInd Bank, Bajaj Finance, ICICI Bank, ITC, Bharat Petroleum and Yes Bank were among the most trending stocks in the early morning trade session while shares of Housing Development Finance, Kotak Mahindra Bank, Infosys and Tata Consultancy Services or TCS were among the most active stocks in the intraday trade session.
Shares of Jubilant Life Sciences, Indian Overseas Bank, Indiabulls Housing Finance, IndusInd Bank, ICICI Lombard, Reliance Power and SpiceJet were among the major gainers in the early morning trade session while shares of Kotak Mahindra Bank, Future Retail, Yes Bank, InterGlobe Aviation or IndiGo, Bharat Forge, SBI, Tech Mahindra and Escorts were among the major losers in the Opening Bell trade session.
Banking stocks received the maximum beating in the Opening Bell trade session as the BSE Banking index went down to the tune of 2.5 per cent. Banking major Kotak Mahindra Bank share price crashed around 6 per cent, State Bank of India or SBI share price dipped 3.33 per cent, shares of HDFC Bank went down 2.29 per cent, ICICI Bank stocks went off 1.59 per cent while IndusInd Bank share price skyrocketed 6.51 per cent.
Among the major Asian indices, the Japanese Nikkei 225 index slide 1.34 per cent, South Korean Kospi went off 0.03 per cent, Hang Seng went down 0.80 per cent while Shanghai index scaled up 0.39 per cent.