Stock Market: Sensex, Nifty dip after yesterday's relief rally; Maruti Suzuki India, GTL Infra, Jubilant Foodworks shares dip

Stock Market: The BSE Sensex dipped 484 points and hit 27,158 levels while the NSE Nifty nosedived 174 points and trade at 7,972 levels.

Stock Market: The Nifty could resume its downtrend if the immediate support of 7512 is broken. Any pullback rallies could find resistance at 7893-8034, say experts. Photo: Reuters

Stock Market: On account of neutral Foreign Institutional Investors (FIIs) and negative Future and Option (F&O) signals, the Indian indices dipped after a one-day relief rally on yesterday. The BSE Sensex dipped 484 points and hit 27,158 levels while the NSE Nifty nosedived 174 points and trade at 7,972 levels. Bank Nifty index went off 85 points to 17,195 levels.

Speaking on the Indian stock markets Saurabh Jain, AVP — Research at SMC said, "The entire market is looking at the government for a relief package as the majority of the industries are getting hit in this Coronavirus lockdown and share market is expecting some special package announcement from the Government."

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Speaking on the technicals of stock market Deepak Jasani, Head Retail Research at HDFC Securities said, "The short term trend for Nifty remains down. The Nifty could resume its downtrend if the immediate support of 7512 is broken. Any pullback rallies could find resistance at 7893-8034."

Shares of SBI, Tata Motors, Reliance Industries, HDFC Bank, Tata Steel, Yes Bank, Infosys, ICICI Bank, Bajaj Finance and TCS were among the most trending stocks in the Opening Bell trade session while shares of Housing Development Finance, Axis Bank, Kotak Mahindra Bank, Bajaj Finance and Infosys were among the most active stocks in the early morning trade session.

Auto stocks received a maximum beating in the Opening Bell trade session as the BSE Auto index dipped to the tune of near 0.5 per cent. Auto major Apollo Tyres share price dipped 2.61 per cent, Ashok Leyland shares nosedived 2.38 per cent, shares of Bajaj Auto crashed 2.82 per cent, Cummins India stock price dipped 3.82 per cent, Hero MotoCorp stocks went off 3.35 per cent, Mahindra & Mahindra scrip went southward 3.44 per cent while Maruti Suzuki India shares went down around 1 per cent.

In the telecom sector, GTL Infrastructure share price crashed 4.55 per cent, ITI shares went down 1.71 per cent, shares of Mahanagar Telephone Nigam Ltd or MTNL fell 0.86 per cent, Reliance Communications stock price nosedived 3.08 per cent, Sterlite Technologies stocks went down 1.44 per cent while Tejas Networks scrip went off 2.35 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index soared 5.21 per cent, South Korean Kospi rose 4.26 per cent, Hang Seng added 1.92 per cent while the Shanghai markets went up 1.57 per cent in the early morning trade session.

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