Stock market crash: The benchmark Sensex ended lower for the third consecutive session on Monday, 2 March, losing 1,048 points, or 1.29%, to end at 80,238.85. The NSE counterpart, the Nifty 50, settled at 24,865.70, down 313 points, or 1.24%.
In these three sessions, the Sensex has lost 2,037 points, or 2.5%, and investors have become poorer by more than ₹10 lakh crore as the cumulative market capitalisation of BSE-listed firms dropped to below ₹457 lakh crore on Monday from ₹467.4 lakh crore on Wednesday, February 25.
Meanwhile, as many as 869 stocks hit their 52-week lows on the BSE.
Stocks at 52-week lows
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 lows on the BSE.
Abbott India, Adani Total Gas, Bajaj Housing Finance, Balkrishna Industries, Berger Paints India, Container Corporation of India (Concor), IRCTC, IREDA, IRFC, NHPC, Oberoi Realty, Page Industries, Procter & Gamble Hygiene and Health Care, Rail Vikas Nigam (RVNL), Shree Cement, SRF, Swiggy, and UCO Bank, too, were among the stocks that hit their 52-week lows in intraday trade on the BSE.
Meanwhile, 94 stocks, including ONGC, SAIL, Hitachi Energy India, and Bharat Forge, hit their 52-week highs in intraday trade on the BSE.
Top gainers and losers today
In the Sensex index, only three stocks- BEL (up 2.09%), Sun Pharma (up 0.84%), and ITC (up 0.38%)- ended higher.
On the other hand, InterGlobe Aviation (IndiGo) (down 6.25%), Larsen and Toubro (down 5%), and Adani Ports (down 3.33%) ended as the top losers in the index.
As many as 20 stocks, including Kridhan Infra and Finkurve Financial Services, plunged more than 15% on the BSE. However, 11 stocks, including Jindal Drilling & Industries and Veerkrupa Jewellers, jumped more than 15% on the BSE, defying weak market sentiment.
“Rising geopolitical tensions in the Middle East have unsettled global markets, with concerns over the possible extension of the situation given the killing of Iran’s supreme leader. Rising crude oil prices and a weakening INR reflect concerns over potential disruptions to oil supply, which could increase inflationary pressures in India and impact fiscals and strain margins for energy and chemical-dependent sectors,” Vinod Nair, Head of Research, Geojit Investments Limited, noted.
According to Shrikant Chouhan, the 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.
“For day traders, 24750 would act as a key support zone. As long as the market trades above this level, a pullback formation is likely to continue. On the higher side, it could bounce back till 25,000-25,075. On the flip side, below 24,750, the market is likely to slip to 24,650-24500,” said Chouhan.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.