Sensex, Nifty trade cautious on weak global cues; Yes Bank, Vakrangee, Spicejet stocks gain

The stock market of India opened on a cautious note as the global bourses continue to bleed on Chinese Coronavirus fears. The BSE Sensex edged 19 points higher at 41,135 levels while the Nifty-50 index ticked 11 points up at 12,111 levels. Bank Nifty index went up 22 points at 30,815 levels.

Speaking on the current share market scenario Simi Bhaumik, a SEBI registered technical share market expert said, "Overall market is bullish. Nifty has strong support at 12,050 levels and once the Nifty goes below 12,100, it should be seen as a buying opportunity rather than getting panic." She said that Bank Nifty is showing weakness and it is trading in the range of 30,700 to 31,200 range. If it further goes down by 70-100 points, it would be a great buying opportunity for Bank Nifty traders.

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Shares of Yes Bank, Corporation Bank, Vakrangee, Spicejet, Indiabulls Real Estate, IIFL Finance, Central Bank, Adani Green Energy, Dr. Lal Pathlabs were among the major gainers in the Opening Bell while shares of Reliance Power, Force Motors, Dewan Housing Finance Limited or DHFL, ITI, Reliance Capital and Suzlon Energy were among the major losers in the early morning trade session.

SBI, Tata Motors, Reliance Industries or RIL, HDFC Bank, ICICI Bank, Yes Bank and Tata Steel shares were among the most trending stocks in the intraday trade session while shares of Housing Development Finance, Interglobe Aviation Ltd or IndiGo, United Spirits and IndusInd Bank were among the most active shares in the early morning trade session.

Though the majority of the indices were range-bound, the banking and finance index witnessed some fresh buying though in a reserved manner. Banking and finance major Housing Development Finance Corporation share price soared 2.46 per cent, Indiabulls Housing Finance shares went up 1.92 per cent, Indiabulls Ventures stock price shot up 3.42 per cent, Nippon Life India Asset Management stocks scaled 1.06 per cent while Yes Bank shares went up near 1.5 per cent in the early morning trade session.

Among the major Asian bourses, the Japanese Nikkei 225 index shed 0.93 per cent, South Korean Kospi crashed 3.13 per cent, Hang Seng gained 0.15 per cent while the Shanghai index nosedived 2.75 per cent.