Stock Market Today: On account of the future & option (F&O) expiry and weak global cues, the Indian indices opened in the red zone on Friday.The BSE Sensex crashed 220 points to 37,920 levels while the NSE Nifty dipped 57 points to 11,157 mark. Bank Nifty index nosedived 342 points and hit 22,741 levels. 

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Asked whether it's a trend reversal at Indian Indices; Prakash Pandey, MD & CEO at Plutus Advisors said, "Overall market is bullish till it's trading above 11,000 mark. Currently, the NSE Nifty has strong support at 10,850 and has equally strong resistance at 11,250. Till NSE Nifty is trading above 11,000 levels, buy on dips should be the ideal strategy for traders and investors." He said that till Bank Nifty is above 22,500 one can't say about the trend reversal. Pandey was of the opinion that Bank Nifty is pulling the 50-stocks Nifty and Bank Nifty is positive till it's trading above 22,500 levels.

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Shares of PNC Infratech, Edelweiss Financial Services, Au Small Finance Bank, PNB Housing Finance, Sun Pharma and MphasiS were among the leading gainers in the opening bell trade session while shares of Yes Bank, Hathway Cable & Data, Omaxe, Future Retail, M&M Financial Services, Reliance Infrastructure and Adani Green Energy were among the leading losers in the early morning trade session.

Banking and financial stocks received maximum beating in the early morning trade session as the BSE Banking Index went down around 1.5 per cent. Banking major Axis Bank share price crashed 2.10 per cent, SBI or State Bank of India and IndusInd Bank shares went off 1.79 per cent, ICICI Bank stock price dipped 1.68 per cent, HDFC Bank stocks went down 1.60 per cent while Kotak Mahindra Bank counter lost 1.62 per cent.

Metal stocks also witnessed some selling pressure in the early morning trade session as the BSE Metal index lost near 1 per cent. Metal major Hindalco Industries share price dipped 1.95 per cent, Steel Authority of India Ltd or SAIL shares went off 1.28 per cent, Jindal Steel & Power stock price went southward 1.72 per cent while shares of Tata Steel slide near 0.90 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index is closed today. South Korean Kospi shed 0.55 per cent, Hong Kong's Hang Seng nosedived 1.90 per cent while Shanghai index crashed 2.45 per cent in the early morning trade session.

At Wall street yesterday, Dow Jones dipped 1.31 per cent, Nasdaq crashed 2.29 per cent, S&P 500 went off 1.23 per cent while SmallCap 2000 tcked 0.01 per cent higher.