If you thought that the market would set a new record today after seeing the morning rally, then the afternoon selloff changed the picture completely. There was a strong surge in the stock market initially on February 25, but as it reached its peak, profit-booking became dominant. As a result, the Sensex slipped nearly 700 points from its day’s high, and the Nifty closed below the 25,500 mark. However, the decline eventually leveled off, and the market closed with a slight gain.
BSE Sensex closed 50.15 points higher at 82,276.07. Nifty 50 closed at 25,482.50, up 57.85 points. The Sensex had reached an intraday high of 82,957.91, while the Nifty had reached a high of 25,652.6. However, heavy selling was seen at the upper levels. 1,966 stocks rose, while 2,064 fell, clearly indicating a lot of pressure.
Which stocks took over the market?
Auto and IT stocks saved the market from falling. Bajaj Auto was the biggest gainer, rising nearly 3%. Tata Steel, HCL Technologies and Shriram Finance gained more than 2%. In the IT sector, Tata Consultancy Services, Infosys, Wipro and Tech Mahindra closed around 1% higher. Auto stocks like Mahindra & Mahindra, Maruti Suzuki India and Eicher Motors gained 1-2%.
Which stocks were under pressure?
On the other hand, ITC, Kotak Mahindra Bank and Tata Consumer Products fell more than 1% each. Bharti Airtel and Oil and Natural Gas Corporation also remained weak.
3 big reasons for market decline
After rising around 0.9% in the morning, investors started booking profits at higher levels. Nifty could not sustain above 25,800, due to which selling increased.
Foreign institutional investors (FIIs) again became net sellers. However, domestic institutions (DIIs) supported the market by buying. According to experts, strength could not be formed above 25,670. The levels of 25,300 and 82,000 are now being considered as main support. If these levels are broken, the fall could be even deeper.
