Stock Market Today: Sensex, Nifty trade tepid; banking, IT, tech stocks under pressure

Stock Market Today: On account of heavy selloff in the banking and financial, IT and tech stocks, the major Indian indices opened in the red zone in early morning trade. The BSE Sensex shed 109 points and hit 34,219 levels while the NSE Nifty slide 38 points and touched 10,022 levels. Bank Nifty index dipped 136 points and traded at 21,076 levels. Banking and finance, IT and tech stocks were among the major losing stocks in the opening bell trade session.

Speaking on the current market scenario; SEBI registered technical equity analyst Simi Bhaumik said, "The NSE Nifty is facing resistance at 10,100 levels. If it sustains above 10,100 levels, then we can expect it to further rally for next 150-200 points."

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Banking and financial sector stocks witnessed strong profit-booking after the straignt six days rally witnessed at major Indian indices. Banking major Kotak Mahindra Bank, City Union Bank and RBL Bank were trading in the red zone. IFCI, Magma Fincorp, Mas Financial Services, Housing Development Finance Corporation, Equitas Holdings and Dolat Investments were in the red zone after the profit-booking trigger.

However, healthcare stocks held its ground as the BSe healthcare index soared around 1.15 per cent in the early morning trade session. Healthcare major Aurobindo Pharma sahare price surged 3.55 per cent, Cipla shares rose 1.71 per cent, shares of Healthcare Global Enterprises skyrocketed 5.88 per cent, Jubilant Life Sciences stocki price rose 3.99 per cent while Sun Pharmaceutical Industries stocks added 2.12 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index was down 0.19 per cent, South Korean Kospi was up 0.30 per cent, Hong Kong's Hang Seng went down 0.16 per cent while Shanghai index was down 0.22 per cent.

Yesterday at Wall Street, the Dow Jones soared 2.05 per cent, Nasdaq shot up 0.78 per cent, S&P 500 escalated 1.36 per cent while SmallCap 2000 scaled up 2.67 per cent.