Here’s how analysts read the market pulse:
“The current phase may offer opportunities for long-term investors. Selective value buying in pharma and IT helped limit deeper losses and indicated a defensive stance amid a weakening rupee in the short term,” said Vinod Nair, Head of Research, Geojit Investments.
US Stocks
Wall Street’s main indexes dropped over 1% on Monday, as oil prices soared, exacerbating inflation fears as hostilities in the Middle East entered their tenth day.
Geopolitical tensions deepened after Iran named Mojtaba Khamenei, son of the late Ali Khamenei, as the supreme leader, signaling firm control of hardliners in Tehran.
Crude prices shot up to just under $120 a barrel but eased as governments, including those part of the Group of Seven (G7) and Saudi Arabia, began discussions to limit the jump in energy costs through increased supply.
European Markets
European shares tumbled to their lowest level in more than two months on Monday, as a sharp surge in oil prices exacerbated inflation fears and the US-Israeli war with Iran showed no signs of easing.
Tech View
Going ahead index holding above the support of 23,700 will signal a pullback towards 24,400-24,500 levels in the coming sessions. Failure to do so will lead to extension of the decline towards 23400-23,200 levels.
Most active stocks in terms of turnover
RIL (Rs 3,492 crore), HDFC Bank (Rs 2,967), SBI (Rs 2,667 crore), ICICI Bank (Rs 2,049 crore), IndiGo (Rs 1,767 crore), L&T (Rs 1,611 crore) and ONGC (Rs 1,554 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 41,41,86,823), YES Bank (Traded shares: 10,68,87,032), Suzlon Energy (Traded shares: 7,17,21,599), Reliance Power (Traded shares: 5,92,98,429), ONGC (Traded shares: 5,65,12,457), IDFC First Bank (Traded shares: 5,50,90,634) and Eternal (Traded shares: 4,85,05,614) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Emcure Pharma, Aadhar Housing Finance, Affle India, IndiaMart, Praj Industries, Balrampur Chini and Avenue Supermart were among the stocks that witnessed strong buying interest from market participants.
Stocks seeing selling pressure
Among the names which witnessed significant selling pressure were PG Electroplast, Sapphire Foods, IDBI Bank, Tejas Networks, MRPL, GSPL and Choice International.
Sentiment meter favours bears
Out of the 4,536 stocks that traded on the BSE on March 9, Monday, 886 stocks witnessed advances, 3,484 saw declines while 166 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)