Stock Market Today: Sensex, Nifty trade tepid; Kotak Mahindra Bank, NALCO shares dip

Stock Market Today: On account of neutral global cues, the Idnian indices opened sideways in the opening bell trade session. The BSE Sensex shed 120 points and hit 37,856 levels while the 50-stocks index NSE Nifty dipped 34 points to 11,067 mark. Bank Nifty index went down 183 points to 21,463 mark. 

Speaking on the current market scenario SEBI registered technical equity analyst Simi Bhaumik said, "Overall market sentiment is bullish till it trades above 11,000 mark. Currently, the NSE Nifty is trading in the range of 11,000 to 11,200 and any dip should be seen as a buying opportunity." Bhaumik said taht Bank Nifty is under pressure but it has strong support at 21,200 levels. 

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Shares of Torrent Pharma, Ipca Laboratorie, JaiprakashAssociates, Vodafone Idea, Dishman Carbogen Amc, ICICI Securities and Vedanta were among the leading gainers in the early morning trade session while shares of Star Cement, Future Retail, Future Lifestyle, Hathway Cable & Data and Lakshmi Vilas Bank were among the leading losers in the opening bell trade session.

Banking stocks received some profit-booking after the future & option expiry yesterday as the BSE Banking index shed around 0.40 per cent. Banking major Kotak Mahindra Bank share price crashed 2.14 per cent, HDFC Bank shares went off 1.46 per cent while RBL Bank, Federal Bank and City Union Bank were in the red zone. However, State Bank of India or SBI share price rose 1.85 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index crashed 2.13 per cent, South Korean Kospi went off 0.10 per cent, Hong Kong's Hang Seng scaled up 0.23 per cent while Shanghai index went down 0.05 per cent.

At Wall Street yesterday, Dow Jones nosedived 0.85 per cent, Nasdaq added 0.43 per cent, S&P 500 dipped 0.38 per cent while SmallCap 2000 went off 0.35 per cent.