Stock Market: Sensex, Nifty unmoved by Fed rate cut; SpiceJet, Suzlon Energy, Tata Motors stocks dip

Stock Market News: On account of the surprise interest rate cut by the US Federal Reserve to counter the Coronavirus impact on the global economy, the Indian indices remained unmoved and opened on the lower side today. The BSE Sensex opened 62 points down at 38,561 levels while the 50-stocks Nifty was down 10 points at 11,293 levels. Bank Nifty went down 155 points at 29,021 levels.

Speaking on the current market scenario Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "The market is having strong support at 11,100 and once it sustains above 11,300 then we can see it going up to 11,550. But, my suggestion is to remain cautious and don't enter the crucial levels as mentioned. Bullish or bearish trend can be attributed to the breakage of either side of the Nifty range of 11,100 to 11,500."

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Shares of Tata Motors, Sun Pharma, Reliance Industries, SBI, Tata Steel, ICICI Bank, Yes Bank, TCS, Indiabulls and Infosys were the most trending stocks in the Opening Bell trade session while shares of HDFC Bank, Housing Development Finance, IRCTC, Bajaj Finance and Bharti Airtel were among the most active stocks in the intraday trade session.

Shares of SpiceJet, Suzlon Energy, Tata Motors, Vedanta, Shriram Transport Finance, Reliance Power, InterGlobe Aviation or IndiGo, Motherson Sumi Systems, Jamna Auto, National Aluminium Corporation or NALCO were among the major losing stoccks in the Opening Bell trade session while shares of Allahabad Bank, DHFL, Sobha Developers, Syndicate Bank and Bajaj Auto were among the major gainers in the early morning trade session.

Metal stocks witnessed heavy selling pressure in the early morning trade session as the BSE Metal index went down 1.60 per cent. Metal major Vedanta share price slipped 2.22 per cent, Tata Steel shares went off near 2 per cent, SAIL or Steel Authority of India stock price dipped 1.80 per cent, National Aluminium Company went southward 1.45 per cent while Hindustan Zinc stock price nosedived 1.65 per cent.

Among the major Asian Indices, the South Korean Kospi skyrocketed 2.09 per cent, Japanese Nikkei 225 index scaled 0.39 per cent, Hang Seng rose 0.04 per cent while the Shanghai market went up 0.06 per cent in the Opening Bell trade session.