Due to the ongoing crisis in the Middle East, the Indian stock market’s main index, Sensex, fell for the third consecutive session, falling 1,048 points to close at 80,238.85. At the same time, Nifty fell by 50,313 points and closed at 24,865.70. Amid the market decline, shares of about 850 companies fell to their lowest level in 52 weeks. As a result, the total market capitalization of BSE listed companies fell below ₹457 lakh crore on Monday from ₹467.4 lakh crore on Wednesday, February 25. Meanwhile, 869 stocks on BSE hit 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 & Healthcare, 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. Reached the level. 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 Ltd, said in a Mint report that rising geopolitical tensions in the Middle East have destabilized global markets, raising concerns about the situation worsening after the assassination of Iran’s Supreme Leader. Rising crude prices and weak INR reflect concerns over potential oil supply disruptions, which could lead to inflationary pressures in India, impact fiscal policy, and pressure margins in energy and chemical-dependent sectors.
According to Shrikant Chauhan, Head of Equity Research, Kotak Securities, the current market structure is weak but oversold. Therefore, there is a possibility of a technical bounce-back from the current levels. Chauhan said that 24,750 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 move back to 25,000-25,075. On the other hand, below 24,750, the market is likely to slide towards 24,650-24500.
