Stock Market Today: Sensex, Nifty trade tepid on cautious DIIs; NIIT, BPCL stocks dip

Stock Market Today: On account of cautious domestic institutional investors (DIIs), the Indian indices took a pause after showing sharp rally yesterday. The BSE Sensex shed 443 points and slipped at 29,624 levels while the NSE Nifty index went down 83 points to 8,708 levels. Bank Nifty index corrected 467 points to 18,595 levels.

Speaking on the current stock market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "Comparing the COVID-19 virus outbreak in other countries and its impact on their stock market, Indian indices have been worst hit. Hence, any rise in global positive sentiments will hae huge positie impact on the Indian indices. Since, the global senbtiments are negative today, the Indian share market is expected to remain weak today." He advised traders to book profit after every 6-7 per cent rise in the Indian indices till Coronavirus fear exists.

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Banking stocks received the maximum beating in the early morning trade as the BSE Banking index went down 2.74 per cent. Banking major IndusInd Bank share price crashed 4.9 per cent, Axis Bank shares corrected 3.47 per cent, shares of ICICI Bank slide 3.10 per cent, HDFC Bank stock price went down 2.94 per cent, State Bank of India or SBI stocks went southward 2.63 per cent while Kotak Mahindra Bank counter dipped 1.57 per cent.

After showing sharp rally yesterday, energy stocks witnessed some profit-booking in the intraday trade session. |Energy major Reliance Industries share price crashed around 2 per cent, Bharat Petroleum Corporation Ltd or BPCL went down around 1 per cent, shares of Deep Industries went down 2.27 per cent while Oil India counter went down around half a per cent.

IT stocks also showed some weakness as profit-booking triggered in the early morning trade session. IT major NIIT share price crashed around 2.5 per cent, Hinduja Global Solutions shares went down 2.83 per cent, shares of Datamatics Global Services crashed 4.96 per cent while Wipro went down around half per cent.

Among the major Asian indices, the Japanese Nikkei 225 index shed 0.14 per cent, South Korean Kospi 0.36 per cent, Hang Seng went down 1.07 per cent while Shanghai market corrected to the tune of 0.24 per cent.