Stock Market Today: Sensex, Nifty trade cautious in Opening Bell; Banking, telecom stocks dip, Yes Bank in focus

Stock Market Today: After the weak US job data announced yesterday, which was expected amid COVI-19 pandemic, the gloal indices became tepid and cautions that includes Indian indices as well. The BSE Sensex shed 156 points and hit 31,528 levels while the NSE Nifty dipped 45 points to 9,225 levels. Bank Nifty went down 131 points and hit 19,562 levels. Banking, telecom and metal stocks were major losers in the Opening Bell trade session.

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."

Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel Broking said, “Bulls are not giving up and have managed to defend the crucial support of 9100 convincingly. With yesterday’s move especially in financial stocks which are amongst the culprits of late, have shown some signs of revival. And hence, we continue to remain hopeful as long as Nifty manages to hold the sacrosanct support zone of 9100-8900 on a sustainable basis. On the flipside, intraday hurdle can be seen at 9350. A sustainable move beyond this would trigger a good upmove to test the sturdy wall of 9450 - 9550. For the coming trading session, the index traders can use any dip towards 9200 as a buying opportunity as we expect this decline to get bought into. Apart from this, lot of stocks from the broader market did well and hence traders should keep a close eye on such potential candidates, especially from Financial and Auto spaces.”

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Shares of SBI, Reliance Industries, HUL, Tata Motors, ICICI Bank, HDFC Bank, Axis Bank, Bajaj Finance, Bharti Airtel and RBL Bank were among the most rrending stocks in the opening bell while shares of Housing Development Finance, Hindustan Unilever Limited or HUL, Reliance Industries, HCL Tech, Maruti Suzuki, ITC and United Spirits were among the most actie stocks in the early morning trade session.

After the Yes Bank Q4 Results 2020 announcements, all eyes are set on the YEs Bank share price. Yes Bank share price was up 14.83 per cent todaya fter the surprise q4 profit announcement. Private lender YES Bank on Wednesday announced March quarter numbers and reported a net profit of Rs 2.665 crore (Profit after including extraordinary item) compared with a loss of Rs 1,508 crore. Excluding extraordinary items, the lender has reported a loss from ordinary activities of Rs 3,668 crore compared to Rs 1,508 crore a year ago. Its gross non-performing assets (GNPA) stood at 16.8% on quarter-on-quarter (QoQ) basis from 18.87% reported in December quarter. The bank’s net interest income (NII) fell 49.2% year-on-year (YoY) fall at Rs 1,274 crore compared to Rs 2,506 crore. Its provisions were at Rs 4,872 crore, compared with Rs 3,661.7 crore a year ago. The bank’s CASA (current account to a savings account) ratio stood at 26.6% compared to 33.1%. 

However, banking stocks were trading tepid after the mixed global cues. Banking major Kotak Mahindra Bank shae pice crashed 3.11 per cent, HDFC Bank share price went down over 1 per cent while ICICI Bank and SBI were trading in the red zone. But, Axis Bank share price appreciated to the tune of 2.20 per cent and IndusInd Bank shares rose 2.07 per cent.

Telecom stocks also witnessed some profit booking in the Opening Bell. Telecom major Reliance Communications share price crashed 4.55 per cent, Bharti Airtel shares dipped 1.74 per cent, shares of OnMobile Global went down 1.90 per cent, Vindhya Telelinks counter went off 1.57 per cent, Vodafone Idea went down 0.70 per cent while Mahanagar Telephone Nigam Ltd or MTNL stocks went southward to the tune of 0.45 per cent.

Amaong the major Asian indices, the Japanese Nikkei added 0.32 per cent, South Korean Kospi went up 0.41 per cent, Hang Seng dipped 0.47 per cent while Shanghai market ticked 0.02 per cent higher.

At Wall Street yesterday, Dow 30 crashed 0.91 per cent, Nasdaq went up 0.51 per cent, S&P 500 dipped 0.70 per cent while SmallCap 2000 went southward to the tune of 0.65 per cent.