Stock market today: The Indian share market on Tuesday (February 20) opened lower amid weakness in bank, auto, and oil & gas counters. 

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Globally, Asian shares struggled after China's efforts to support its property markets failed to excite investors while fading hopes of an early US rate cut also weighed on sentiment.

Last seen, the 30-scrip index S&P BSE Sensex was down 0.16 per cent, or 131.18 points, at 72,576.98, whereas the NSE Nifty traded 0.19 per cent, or 45.75 points, lower at 22,076.5. 

"An important characteristic of the bull market is its ability to set new successive record highs. And this market has been doing this consistently. This year alone, Nifty has set six new intraday record highs, and this is indicative of the strong momentum in the market. Selling by FIIs, triggered by rising bond yields in the US, is having no impact on this up-trending market where DIIs (which bought Rs 17,850 crore in February so far) and domestic HNIs and retail investors are calling the shots," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr Vijayakumar added that high-quality, fundamentally strong large-caps like RIL, ICICI Bank, and Bharti taking up the leadership in the rally is positive for the bulls. 

It is important to remember that large caps have valuation comfort in this market, where segments of the broader markets have tipped into frothy valuations. Since the Bank Nifty is around 4 per cent away from its record high, more action is likely in banking stocks. In the near term, volatility will be high. Sharp corrections can happen at any time.

The Nifty Mid Cap 100 and Small Cap 100 traded in positive territory in the broader market. Nifty Bank was down 0.20 per cent at 46,440.5.

BUZZING STOCKS

Deepak Fertilisers and Petrochemicals shares were up over 8 per cent after the company entered into a long-term supply agreement for liquefied natural gas (LNG) with Equinor ASA, Norway.

Kotak Mahindra Bank shares were up over 1 per cent after the company announced its organisational structure post-change of management.

Godrej Consumer Products shares were up over 1 per cent after the company entered into an agreement to sell its entire stake in subsidiary Godrej East Africa Holdings, Mauritius.

NBCC shares were up over 2 per cent after the company received many orders worth around Rs 369 crore.

Minda Corporation shares were up over 2 per cent after multiple block deals.

Sula Vineyards shares were up over 1 per cent after multiple block deals. 

Conversely, CIE Automotive India shares were down nearly 2 per cent after it reported Q3 results.

Whirlpool of India shares were down over 3 per cent after 25 lakh shares changed hands via multiple block deals.

GLOBAL MARKETS

Asian shares were pinned below 1-1/2-month highs on Tuesday as even a larger-than-expected interest rate cut in China failed to excite investors jaded at the lack of bigger stimulus measures.

China's five-year loan prime rate was lowered by 25 basis points to 3.90 per cent, bigger than the five to 15 bp cuts forecast by economists. The Shanghai Composite, however, fell 0.7 per cent in early trade, and blue chips fell 0.6 per cent.

(With inputs from agencies.) 

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