Stock Market Today: Sensex, Nifty continue to trade weak; Oil, gas, energy stocks dip

Stock Market Today: Extending its selloff trend in today's opening bell, the Indian indices opened on the lower side today. The BSE Sensex went down 106 points and hit 31,346 while the NSE Nifty went off 45 points to 9,160 levels. Bank Nifty index went down 219 points to 19,052 levels. Oil, gas and energy stocks were the major casulty during this opening bell selloff.

Speaking on the current market scenario; Prakash Pandey, MD & CEO at Plutus Advisors said, "Market is in the range of 8,900 to 9,350. If the NSE Nifty manages to break above 9,400 and sustains above that then we can expect it to head for next top-out klevels for 10,800. However, in case it breaks below 8,900 and sustains below this, then it can furtehr go down up to 8,555 to 8,300 levels." 

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Shares of SBI, Reliance Industries, Tata Motors, ICICI Bank, HDFC Bank, Axis Bank, IndusInd Bank, Bajaj Finance, Bharti Airtel and Hindalco Industries were among the most rrending stocks in the opening bell while shares of Housing Development Finance, Asian Paints, Hindustan Unilever Limited or HUL, Bharti Airtel and Reliance Industries were among the most actie stocks in the early morning trade session.

Oil & Gas stocks crashed maximum as the BSE Oil & Gas index went down around 2.25 per cent in the early morning trade session. Oil & Gas major Bharat Petroleum Corporation Ltd or BPCL share price crashed 8.25 per cent, Hindustan Petroleum Corporation Ltd or HPCL shares nosedived 9.99 per cent, shares of Indian Oil Corporation Ltd or IOCL dipped 5.65 per cent while Oil And Natural Gas Corporation or ONGC counter aded 1.9 per cent.

Banking stocks also went through the selloff pressure as the BSE Banking index went off aound 1 per cent. Banking major Axis Bank share price crashed 4.9 pe cent, Federal Bank went down 2.09 per cent, shares of Kotak Mahindra Bank went off 1.5 per cent, State Bank of India or SBI shares went southward 1.4 pe cent while RBL Bank stocks slide 1.7 per cent and IndusInd Bank stocks slipped 1.24 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index crashed 2.84 per cent, South Korean Kospi added 0.84 per cent, Hang Seng went up 0.48 per cent while Shanghai index scaled up 0.08 per cent.

At Wall Street yesterday, Dow 30 rose 0.56 per cent, Nasdaq soared 1.13 per cent, S&P 500 escalated 0.90 per cent, fuelled by healthcare stocks SmallCap 2000 rose 0.63 per cent.