On Thursday, the stock market witnessed sharp selling for the second consecutive day. However, due to the expiry of Sensex, the market was seen trading within a certain range today. Nifty kept trading in the range of 175 points, while Bank Nifty kept moving up and down in the range of 650 points. Crude oil is trading around the $103 level, and its impact is clearly visible on the market. Except Nifty Pharma index, all other sectoral indices declined.
Sensex fell 852 points to close at 77,664. Nifty fell 205 points to close at 24,173. Bank Nifty fell 819 points to 56,305. The rupee weakened by 31 paise to close at 94.11 against the US dollar. The Nifty Mid Select index fell nearly 91 points to close at 13,848, while the Nifty Smallcap index fell 119 points to 17,720.
Today’s biggest rising and falling stocks
Among the falling stocks in the Nifty 50 index, Trent was the biggest loser, falling 4.20%. Besides, M&M (down 3.61%), Shriram Finance (down 3.19%), and SBI Life (down 3.11%) looked weak and declined. In contrast, some stocks showed strength; Jio Financial Services emerged as the biggest gainer, rising 4.31%. Other stocks that gained included Adani Enterprises(up 2.18%), Coal India(up 1.35%), and Nestle(up about 1%).
Due to some special news, many stocks witnessed huge price fluctuations. Delta Corp surged a whopping 20% on strong quarterly results and gaming sector news. Praj Industries gained 7% after the government approved blending of ethanol in Aviation Turbine Fuel (ATF). Meanwhile, Havells fell by 6.72%, while Godrej Industries traded with a gain of 5%. Even after the release of earnings results, many stocks saw considerable price fluctuations. Oracle Financial rose nearly 9%, while Bharat Coking Coal declined 5.22%. Union Bank of India saw a decline of 8%, while Tata Communications closed with gains of almost 3%.
Sector wise, the pharmaceutical segment witnessed tremendous growth. There was strong buying interest across the sector; Dr. Reddy’s gained 8.84%, Marksans Pharma gained 7.49%, Piramal Pharma gained 6.58%, and Cipla gained 5.55%.
Among the biggest losers, IIFL Finance fell by 9.41%, Thangamayil Jewels fell by 6%, Ashok Leyland fell by a whopping 4.83%, and APL Apollo also closed lower. On the contrary, top gainers were Websol Energy up 10%, Azad Engineering up 9%, Man Infra up 8%, and IFB Industries also saw significant gains.
The impact of the sudden rise in crude oil prices and increasing tensions around the world is clearly visible on the mood of investors. Although the market made some recovery from the day’s lows, investors appear to be in a profit-booking mood. By 2:00 pm, Sensex was trading at 77,873, down 642 points. During this period, Nifty recorded a fall of 143 points and was hovering around the level of 24,230. Even more decline was seen in Bank Nifty; The index was trading 788 points down at 56,340. Midcap and smallcap indices also traded lower, falling between 0.2% and 0.3%.
What important levels should be monitored today? Nifty support range: 24,000–24,150; Profit-taking range: 24,300–24,400
Bank Nifty Support Range: 55,850–56,100; Profit-booking range: 56,825–57,075
If Nifty closes below 24,200 and Bank Nifty closes below 56,300, the weakness may increase further.
After market opening, Sensex fell nearly 800 points. Nifty also fell by more than 200 points, going below the level of 24,200. Similarly, Bank Nifty fell by more than 500 points, reaching around 56,600.
After this the market showed slight recovery from its intraday lows. At 9:25 am, Sensex was trading at 77,881, down 635 points. Nifty was hovering around 24,200, down 175 points. Bank Nifty was trading at 56,642, up 470 points. A slight decline was seen in Nifty Midcap and Smallcap indices. On the Nifty 50 index, only Dr. Reddy’s, ONGC, Cipla, Nestle, Sun Pharma, Coal India, Jio Fin, JSW Steel, and Power Grid were trading in the green. Tech Mahindra, Eicher Motors, M&M, IndiGo, Shriram Finance, and Asian Paints were the biggest losers.
Oil prices rise amid continuous tension
Amid rising tensions in the Strait of Hormuz, crude oil prices have risen 3%, crossing the $102 per barrel level. Despite the ceasefire extension, Iran claims to have seized two ships, while the US blockade is still in place. This situation continues to increase uncertainty in energy markets.
