Stock Market Today: Sensex, Nifty pare early morning gains; MTNL, Yes Bank, Coal India stocks gain

Stock Market Today: Indian indices failed to sustain the early morning gains after the selloff triggered by the weak global cues. The BSE Sensex after regaining the 36K in the Opening Bell trade session finally succumb to the Coronavirus hit on the global economy and ended 62 points up at 35,697 levels. The nifty-50 index after making a high of 10,545 ended 7 points down at 10,458 levels. Bank Nifty index ended 25 points up at 26,487 levels.

Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "Overall the Indian stock market trend is weak. 50-stocks Nifty has strong resistance at 10,720 levels while it has immediate support at 10,140 levels. If the lower support gets broken, then the major support below 10,140 is 9,800. However, it seems that Nifty will hold above 10,140 as Coronavirus doesn't have that kind of impact in India that we are witnessing globally."

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Shares of Yes Bank, SBI, Tata Motors, Reliance Industries, Tata Steel, Indiabulls, Infosys, IndusInd Bank and ICICI Bank were among the most trending stocks throughout the intraday trade session while shares of HDFC Bank, Housing Development Finance, TCS and Bajaj Finance were among the most active stocks in the intraday trade.

Telecom stocks led the bull run on Dalal Street as the BSE Telecom index went up 0.76 per cent in the intraday trade session. Telecom major Vodafone Idea share price shot up 9 per cent, Mahanagar Telephone Nigam Ltd or MTNL share price climbed 4.97 per cent, shares of Reliance Communications surged 4.65 per cent, HFCL stock price went up 2.94 per cent while Bharti Infratel stocks scaled over 6.5 per cent.

In the banking sector, Yes Bank share price skyrocketed over 35.5 per cent in the intraday trade session. RBL Bank share price surged over 9 per cent, City Union Bank shares rose 3.5 per cent, ICICI Bank stock price added 1.79 per cent, HDFC Bank stocks went up 1.11 per cent while SBI share price crashed 3.35 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index crashed 2.27 per cent in the intraday trade, South Korean Kospi nosedived 2.78 per cent, Hang Seng went off 0.63 per cent while the Shanghai index dipped 0.94 per cent in the intraday trade session.