Due to the ongoing crisis in the Middle East, the main index of the Indian stock market, Sensex, fell by 1,048 points for the third consecutive session and closed at 80,238.85. At the same time, Nifty fell by 50, 313 points and closed at 24,865.70. Due to the market decline, shares of about 850 companies have fallen to a 52-week low.
Due to which the total market capitalization of BSE-listed firms came down to Rs 457 lakh crore on Monday, which was Rs 467.4 lakh crore on Wednesday, February 25. Meanwhile, 869 stocks on BSE reached their 52-week low.
Stocks at 52 week low
TCS, ITC, Trent, Wipro, Coforge, Dixon Technologies, Info Edge (India), Shree Cement, SRF, Suzlon Energy and United Spirits were among the stocks that hit their 52-week low on the BSE. Abbott India, Adani Total Gas, Bajaj Housing Finance, Balkrishna Industries, Berger Paints India, Container Corporation of India, IRCTC, IREDA, IRFC, NHPC, Oberoi Realty, Page Industries, Procter & Gamble Hygiene & Health Care, Rail Vikas Nigam (RVNL), Shree Cement, SRF, Swiggy and UCO Bank were also among the stocks that hit their 52-week lows in intraday trade on the BSE. But arrived. Meanwhile, 94 stocks including ONGC, SAIL, Hitachi Energy India and Bharat Forge hit their 52-week high in intraday trade on BSE.
Vinod Nair, head of research at Geojit Investments Limited, said in a Mint report that the growing geopolitical tension in the Middle East has destabilized the global market, and there is concern of the situation escalating after the assassination of Iran’s Supreme Leader. Rising crude prices and weak INR raise concerns about potential oil supply disruptions, which could lead to increased inflationary pressures in India, impacting fiscal and margin pressure in energy and chemical-dependent sectors.
According to Shrikant Chauhan, Head of Equity Research at Kotak Securities, the current market texture is weak but oversold. Therefore, there is a possibility of a technical bounce-back from the current levels. Chauhan said that 24750 will be an important support zone for day traders. As long as the market trades above this level, the pullback formation is likely to continue. On the upside, it may come back to 25,000-25,075. On the other hand, below 24,750, the market is likely to slip to 24,650-24500.
Also read- LIC’s great scheme, once you pay the premium, you will get returns throughout your life.