The Indian stock market is witnessing some smart recovery after Sensex and Nifty plunged almost 7 percent. Sensex is down 422.15 points or 1.46 percent at 28447.36, and the Nifty shed 134.25 points at 8334.55.
The IT index hit a 27-month low despite rupee breaching the 75 per dollar mark. Tata Elxsi and Hexaware Tech tanked over 11 percent followed by NIIT Tech, Just Dial and Mindtree.
The auto index was trading lower by almost 4 percent and hit a 6-year low but has seen some smart recovery. Ashok Leyland tanked over 13 percent hitting a 5-year low followed by Mahindra & Mahindra, Maruti Suzuki, Bharat Forge and Tata Motors.
Nifty should find support near 7700 levels as it is 38.2 percent correction from the peak of 12431. One can expect some bounce from these levels and sectors like private banks, consumer and pharma can be looked for up move, said Vikas Jain, Senior Research Analyst at Reliance Securities.
Global brokerage firm Credit Suisse said that SC's rejection of self-assessment of AGR dues is particularly negative for Vodafone Idea and the company's sustenance would remain under cloud without significant liquidity infusion.
Yes Bank share price tanked more than 25 percent in the morning trade on March 19, a day after its largest promoter, Madhu Kapur, sold about 2.5 crore shares for Rs 161 crore at Rs 65 a piece.
The shares were sold through a block deal on the NSE, stock exchange data showed. The sale makes about 14 percent of Kapur's stake. Prior to the sale, Kapur held 17.6 crore shares in the bank.
The volatility index is up 13.48 percent at 72.58 level.
As many as 412 stocks hit the lower circuit of BSE. These include Future Retail, Vakrangee, Indiabulls Ventures, Edelweiss Financial, Avenue Supermarts, IRCTC and Quess Corp.
Over 1000 stocks hit 52-week low on BSE. Among them were Future Lifestyle, Ashok Leyland, Bharti Infratel, Indiabulls Housing, Tata Elxsi, Hexaware Tech, NIIT Tech, Apollo Hospitals, Quess Corp, Edelweiss Financial, KEC International, Bata India, L&T Infotech, Godrej Properties, Maruti Suzuki and BPCL among others.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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