Stock Market: Sensex, Nifty dip on weak global cues; Kotak Mahindra Bank, Tata Steel, Jubilant Foodworks shares bleed

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.

Banking stocks received maximum beating during the Opening Bell as the BSE Banking index went down around 2.5 per cent. Banking major Kotak Mahindra Bank share price crashed 5.63 per cent, IndusInd Bank shares bleed 6.22 per cent, shares of State Bank of India or SBI went down to the tune of 3.2 per cent, ICICI Bank stock price corrected around 3.44 per cent while Axis Bank shares shed 1.24 per cent.

Metal stocks also feel the heat of selloff pressure in the early morning trade session. The metal major Tata Steel share price crashed 4.35 per cent, JSW Steel shares dipped 4.48 per cent, Vedanta stocks went off 3.09 per cent, Hindustan Zinc stock price corrected around 3 per cent, Hindalco Industries scrip went off 2.56 per cent, Steel Authority of India Ltd or SAIL share price went down 1.58 per cent while National Aluminium Company or NALCO stocks slide 1.23 per cent.

Among the major Asian markets, the Japanese Nikkei index shed 0.76 per cent, South Korean Kospi slide 0.92 per cent, Hang Seng nosedived 1.06 per cent while Shanghai Composite index went off 0.33 per cent.