Stock Market: Sensex, Nifty trade range-bound on weak global cues; ITI, Wipro, PNB Housing Finance stocks dip

Stock Market News: On account of China virus fear, the global markets are trading cautious that led to a pause in the rally witnessed yesterday at Indian indices. The BSE Sensex dipped 68 points and slipped at 41,317 levels while Nifty-50 index went down 17 points at 12,162 levels. Bank Nifty index scaled 93 points at 30,910 levels.

Commenting upon the stock market trends Simi Bhaumik, a SEBI registered technical share market analyst said, "Nifty is facing strong resistance at 12,300 mark. However, it has strong support at 12,050 also. So, I would advise stock market investors to avoid taking any position in 12,200 to 12,300 range. They should adopt buy on dips strategy and take buy position at arpound 12,100 levels."

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Shares of SBI, Tata Motors, Reliance Industries or RIL, Yes Bank, ICICI Bank and Indiabulls were among the most trending stocks in the Opening Bell trade session while shares of Indian Oil Corporation, Axis Bank, Power Grid Corporation, Larsen & Toubro, Power Finance Corporation and Infosys were among the most active stocks in the morning trade session.

IT and Tech stocks led the maximum bleeding in the Opening Bell trade session. IT & Tech major ITI share price crashed 2.42 per cent, Infosys shares went down near 0.75 per cent, Wipro stocks went down 0.70 per cent, Inox Leisure stock price nosedived 2.46 per cent while Vodafone Idea shares went southward 1.52 per cent.

In real estate sector, realty major Housing Development & Infrastructure share price crashed 2.38 per cent, Phoenix Mills and Prestige Estates Projects shares went down 1.68 per cent, Sobha stocks went down 0.70 per cent while DLF share price rose 1.21 per cent in the Opening Bell trade session today.

Among the major Asian bourses, the Japanese index Nikkei dipped 0.06 per cent at 23,782.00 levels, South Korean Kospi crashed 0.93 per cent at 2,246.13 levels, Hang Seng scaled 0.06 per cent at 27,926.00 levels while the Shanghai index nosedived 2.75 per cent in the Opening Bell trade session.