Indian equity market witnessed yet another kneejerk reaction, falling for the fifth day and is all set for the worst week in four years on growing fears that the coronavirus outbreak could turn into a pandemic and derail global growth. Sensex and Nifty hit a 5-month low with Sensex down 1,141.71 points or 2.87 percent at 38603.95, and the Nifty crashed 341.70 points or 2.94 percent at 11291.60.
"At this juncture it looks prudent on the part of traders to wait for consolidation and some signs of strength as fear factor appears to be dominating on the bourses," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.
All sectoral indices are trading in the red with the metal index tanking almost 6 percent with the near-term outlook for the sector looking weak as Covid-19 fanning across the globe leading to weak consumption and supply chain disruption stemming from China look imminent.
However, Abhiram Eleswarapu, Head of India Equity Research at BNP Paribas in an interview to moneycontrol said, "Our Sensex target is 44,500, which suggests a 9 percent upside through December 2020. That said, valuations of both the Nifty and broader indices are close to or above historical averages and therefore we wouldn’t be surprised to see bouts of volatility throughout the year."
The top losers included Tata Steel and Vedanta which tanked over 8 percent followed by Jindal Steel & Power, SAIL, MOIL, Hindalco Industries, JSW Steel and NALCO.
As the market hit a 5-month low on February 28, individual stocks too took a beating as over 350 stocks on BSE hit fresh 52-week low. The top names included Vedanta, MRPL, Sterlite Technologies, Bank of India, PNB Housing Finance, Future Lifestyle, Hindalco Industries, Graphite India, Oil India, Bosch, Exide Industries, ONGC, Godrej Consumer and Larsen & Toubro among others.
Stocks which hit lower circuit in today's trade included Adani Green, Indiabulls Real Estate, Alok Industries and Vakrangee among others.
The most active securities on NSE with respect to volumes included State Bank of India which fell over 3 percent. It was trading with volumes of 960,914 shares, compared to its five day average of 1,439,429 shares, a decrease of -33.24 percent. The other scrips included Vodafone Idea which shed 4 percent and was trading with volumes of 22,304,418 shares, compared to its five day average of 88,295,223 shares, a decrease of -74.74 percent.
Share price of YES Bank fell over 5 percent intraday on February 28. It was trading with volumes of 3,553,213 shares, compared to its five day average of 7,765,603 shares, a decrease of -54.24 percent.
Adani Gas share price hit lower circuit on BSE tumbling10 percent. The stock witnessed spurt in volume by more than 1421.62 times and was trading with volumes of 419,315,137 shares, compared to its five day average of 471,338 shares, an increase of 88,862.69 percent.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
