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Market turmoil continues as Sensex dips further, Nifty below 22,300

The domestic share market indices Indian benchmark indices ended lower for the second consecutive session on Monday with Nifty below 22,300,as investors sold riskier assets after Iran's attack on Israel instigated fears of a wider conflict. At close, the Sensex was down 845.12 points or 1.14 percent at 73,399.78, and the Nifty was down 246.90 points or 1.10 percent at 22,272.50. About 761 shares advanced, 2636 shares declined, and 102 shares unchanged.
Highlights from trade:
●TCS stock trades 1% higher after good Q4 show.,
●Nifty PSU Bank, Realty, and Media opened over 2% lower,
●Senco Gold zooms 15% on solid Q4 business update,
●41 of Nifty 50 stocks were trading with cuts,
●All 13 major sectors logged losses,
●Hindalco gained 2.5% and was the top Nifty 50 gainer,
●India Vix spiked 6%,
●ONGC jumps 5% after Jefferies initiates buy call with Rs 390 target price.
ONGC, Hindalco Industries, Maruti Suzuki, Nestle India and Bharti Airtel were the biggest gainers on the Nifty, while losers included Shriram Finance, Wipro, Bajaj Finance, ICICI Bank and Bajaj Finserv.
On the sectoral front, except oil & gas and metal, all other sectoral indices ended in the red.BSE Midcap and Smallcap indices down 1.5 percent each.
Rupee Close:
The Indian rupee depreciated 6 paise to 83.44 against the US dollar in early trade on Monday, tracking negative equity markets and withdrawal of foreign funds amid renewed concerns over geopolitical tensions in the Middle East.Forex traders said a strong American currency in the overseas market and curde oil prices hovering above $90 per barrel also dented investor sentiments.
Trading Guide:
Experts believe that developments regarding the Iran-Israel war may dominate Dalal Street and global market trends.
Experts have recommended seven shares to buy today- IRCTC, HAL, Aegis Logistics, Nahar Industries, Westlife Foodworld, Chalet Hotels, and Concord Biotech.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)

 


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