Stock Market Today: Sensex, Nifty dip on Wall Street selloff; IndusInd Bank, Brigade Enterprises shares sink

Stock Market Today: On account of heavy selloff witnessed at the Wall Street yesterday, the Indian indices opened on the lower side in the opening bell trade session. The BSE Sensex lost 298 points and hit 34,570 levels while the NSE Nifty went down 74 points to 10,230 levels. Bank Nifty index crashed 373 points and hit 21,053 mark. Realty, telecom, banking and finance stocks were among the major mlosers in the early morning trade session.

Sepaking on the current market scenario; Prakash Pandey, MD & CEO at Plutus Advisors said, "Weakness in Wall Street indices caused after the fear of second wave of Coronavirus is the major reason for such weakness in the global indices that includes Indian stock markets. Indian markets is broadly trading in the range of 10,180 to 10,550 but the overall trend is weak and one should avoid taking any position till the market is trading near any side of the range."

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Shares of Engineers India, Future Retail, Lakshmi Vilas Bank, Adani Transmission, IDBI Bank, Reliance Capital, Reliance Power, Reliance Infrastructure were among the leading gainers in the opening bell trade session while shares of Mangalore Refinery, Canara Bank, Adani Green Energy, Dewan Housing Finance Limited or DHFL were among the leading losers in the early morning trade session.

Banking stocks received maximum beating as the BSE Banking index lost to the tune of 1.6 per cent in the opening bell trade session. Banking major IndusInd Bank share price crashed 3.11 per cent, RBL Bank shares lost 2.91 per cent, shares of Axis Bank lost 2.84 per cent, ICICI Bank stock price dipped 2.32 per cent, HDFC Bank stocks lost 1.93 per cent, State Bank of India or SBI scrip went off 1.73 per cent while Kotak Mahindra Bank counter went southward 1.13 per cent.

Realty stocks also witnessed heavy selloff pressure in the early morning trade session. Realty major Brigade Enterprises share price crashed 3.65 per cent, Sobha shares went southward 2.81 per cent, shares of Phoenix Mills went down 1.68 per cent, DLF counter went southward 1.37 per cent while Oberoi Realty dipped around 0.65 per cent.

Among the Asian indices, the Japanese Nikkei crashed 1.35 per cent in the early morning trade session, South Korean Kospi nosedived 1.98 per cent while the Shanghai markets added 0.30 per cent. Hang Seng index is closed today as today is holiday in Hong Kong.

At Wall Street yesterday, Dow Jones sink 2.72 per cent, Nasdaq crashed 2.19 per cent, S&P 500 dipped 2.59 per cent while SmallCap 2000 crashed 2.79 per cent.