The Indian stock market experienced a notable downturn on Thursday, influenced by dismal global market sentiments following a significant crash in the U.S. stock exchanges. The Nifty 50 index closed down 73 points at 22,397, while the BSE Sensex fell by 200 points to settle at 73,828. In contrast, the Bank Nifty index managed a slight increase, finishing at 48,060. The decline was primarily driven by losses in the automobile and IT sectors.
Market Analysis: Key Performers and Sector Trends
A significant contributor to the market’s decline was Reliance Industries Ltd., which saw its shares decrease by 0.7%. Shriram Finance Ltd. faced the steepest drop, plummeting by 2.7%. Among sectoral indices, Nifty Realty, Media, and Financial Services experienced the most losses, while the Bank Nifty and PSU Bank indices ended the day positively.
- Market Volume: Cash market volumes on the NSE dropped by 15% from the previous day.
- Midcap Performance: The Nifty Midcap and Smallcap 100 indices underperformed, reflecting additional losses of 0.75% and 0.98%, respectively.
For the fourth consecutive day, the number of declining stocks outweighed advancing ones, resulting in a BSE advance-decline ratio of 0.62.
Expert Insights on Market Outlook
Siddhartha Khemka, the Head of Research—Wealth Management at Motilal Oswal, shared his perspective on the current market conditions, stating, "We anticipate that the market will remain within a range, characterized by volatility and sector rotation. Global cues and the upcoming U.S. Federal Reserve interest rate decision on March 19 will play critical roles."
Nagaraj Shetti, a Senior Technical Research Analyst at HDFC Securities, provided insights on the Nifty 50’s trajectory, noting that a decisive move above 22,600 could spark renewed buying interest, potentially driving the index toward 23,000. Conversely, a drop below 22,300 might lead to support at 22,000.
Bank Nifty: Technical Analysis
Om Mehra, a Technical Analyst at SAMCO Securities, remarked on the Bank Nifty index, suggesting that a robust uptrend may only materialize above 48,600. He indicated that until a breakout occurs, the index is likely to remain in a sideways consolidation phase, with immediate support levels at 47,800 and 47,600.
Top Picks for Intraday Stocks Under ₹100
As investors look for opportunities, stock market analysts have recommended several shares to consider under ₹100 for today’s trading:
- HCC: Buy between ₹22 and ₹22.65, with target prices at ₹23.75, ₹24.50, ₹26, and ₹28. Set a stop loss at ₹20.80.
- IRB Infrastructure: Recommended buying in the range of ₹42 to ₹43, aiming for targets of ₹44.50, ₹46, and ₹48.
- Easy Trip Planners: Buy at ₹12.20, with a target of ₹13.10 and a stop loss at ₹11.70.
- Sarla Performance Fibers: Recommended entry at ₹76, targeting ₹81, with a stop loss set at ₹73.
These recommendations come from seasoned analysts including Mahesh M Ojha from Hensex Securities, Sugandha Sachdeva from SS WealthStreet, and Anshul Jain from Lakshmishree Investment and Securities.
Investors should remain vigilant and consider these insights as they navigate the challenging market landscape.
