Stock Market: Sensex, Nifty slide on Coronavirus concerns; Yes Bank, ITI, DHFL stocks dip

Stock Market News: On account of weak global cues caused by the Coronavirus concerns, the stock market of India opened on the lower side in the Opening Bell trade session. The BSE Sensex crashed 138 points at 41,060 levels while the Nifty-50 index dipped 443 points at 12,087 levels. Bank Nifty went off 169 points at 30,707 levels.

Speaking on the current share market scenario Simi Bhaumik, a SEBI registered technical stock expert said, "Overall market is bullish. Nifty has strong support at 12,050 levels. There can be some correction once Nifty reaches around 12,200 levels as Nifty has strong resistance at around 12,200-250 levels. I would advise share market investors to follow buy on dips strategy as Nifty is trading in the range of 12,050 to 12,250 levels."

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Shares of Tata Motors, Reliance Industries or RIL, SBI, ICICI Bank, Bajaj Finance, Tata Steel, Yes Bank and TCS were among the most trending stocks in the Opening Bell trade session while shares of HDFC Bank, Pidilite Industries, Housing Development Finance, Yes Bank and IndusInd Bank stocks were among the most active stocks in the early morning trade session.

Shares of Trident, Dewan Housing Finance Limited or DHFL, Aurobindo Pharma, Reliance Power, Yes Bank, Vodafone Idea and Tata Power were among the major losers in the intraday trade session while shares of Jubilant Foodworks, Escorts, Reliance Infrastructure, Birla Corporation, Phoenix Mills and Birlasoft were among the major gainers in the early morning trade session.

In the telecom sector, ITI share price crashed 2.45 per cent, Vodafone Idea shares dipped 3.61 per cent, Bharti Infratel stocks went down around 1 per cent while Bharti Airtel stock price went off near 0.70 per cent in the early morning trade session.

Among the major Asian markets, the Japanese Nikkei crashed 1.90 per cent, south Korean Kospi nosedived 1.37 per cent, Hang Seng slide 1.65 per cent.