Stock Market: Sensex, Nifty trade tepid; Yes Bank, SBI, Vodafone Idea stocks dip

Stock Market News: On account of neutral FIIs, DIIs and F&O, the Indian indices opened range-bound in the intraday trade. The BSE Sensex went down 16 points to 41,915 levels while the Nifty-50 index dipped 15 points to 12,340 levels. Bank Nifty continued to remain weak and nosedived 288 points to 31,565 levels. 

Speaking on the stock market trends Simi Bhaumik, a SEBI registered technical stock analyst said, "Market is overall bullish and facing strong resistance at 12,400 levels. If it manages to clear this hurdle, then we can expect further upside movement of around 100 points and hit 12,500 before the Budget 2020 presentation."

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Shares of Reliance Industries, Tata Motors, SBI, TCS, Yes Bank, IndusInd Bank, ICICI Bank, HDFC Bank, Kotak Mahindra Bank and Bharti Airtel were among the most trending stocks in the Opening Bell while AXIS Bank, Housing Development Finance, Yes Bank and Bharti Airtel were among the most active stocks in the intraday trade session.

Banking stocks witnessed heavy beating in the Opening Bell trade session as the BSE Bankex slipped around 0.80 per cent. Banking major Yes Bank share price nosedived 4.63 per cent, SBI share price dipped 2.55 per cent, IndusInd Bank stock price got hit 2.29 per cent, while RBL Bank and Axis Bank went off near 0.35 per cent.

Among major Asian bourses, Japanese Nikkei 225 rose 0.50 per cent, South Korean Kospi ticked 0.16 per cent higher, Hang Seng slipped 0.02 per cent while Shanghai markets added 0.09 per cent.