Stock Market Today: Sensex, Nifty trade sideways on negative DIIs; SBI, IOCL stocks gain

Stock Market Today: On account of negative domestic institutional investors (DIIs) sentiment, the Indian indices trade sideways in the opening bell trade session. The BSE Sensex shot up 233 points to 34,189 levels while the NSE Nifty added 60 points and hit 10,107 levels. Bank Nifty index soared 152 points to 20,877 levels.

Speaking on the stock market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "The NSE Nifty is facing resistance at 10,140-150 levels and it has strong support at 9,950. So, we can say that market is moving sideways in the range of 9,950 to 10,150." Pandey said that liquor and FMCG stocks are expected to do well till the market is trading in this range. He said that domestic institutional investors (DIIs) sentiment is expected to remain negative in the intraday trade session.

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Shares of SBI, Reliance Industries, Axis Bank, HDFC Bank, ICICI Bank, IndusInd Bank, Tata motors, Housing Development Finance, Indian Oil and Tata Steel were among the most rending stocks in the early morning trade session while shares of Bajaj Finance, Vodafone Idea, Dr. Reddy's Labs, RBL Bank and Bharat Heavy Electricals were among the most active stocks in the opening bell trade session.

In the banking sector, State Bank of India or SBI share price opened over 1.25 per cent but soon lost those gains and finally settled down around 0.70 per cent higher from its yesterday close. RBL Bank shares were up 3.56 per cent, Kotak Mahindra Bank stocks added 1.12 per cent while IndusInd Bank counmter aded 0.88 per cent.

Telecom stocks also witnessed some fresh buying as the BSE Telecom index added around 1 per cent in the early morning trade sessioin. Telecom major Vodafone Idea share price skyrocketed 3.57 per cent, Reliance Communications shares soared 4.21 per cent, GTL Infrastructure stocks shot up 4.76 per cent while Bharti Infratel countger added 2.23 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index ticked 0.15 per cent higher, South Korean Kospi Kospi added 0.23 per cent, Hong Kong's Hang Seng scaled 0.50 per cent while Shanghai index went down 0.45 per cent in the early morning trade session.