Taking Stock: Modi's speech announcement helps recoup some losses; Nifty closes below 9,200

Sectorally, the S&P BSE Telecom index rose 4.2 percent followed by the S&P BSE Power index rose 2.3 percent and the S&P BSE Metal index was up 1.3 percent.

Profit-taking was seen in the S&P BSE Energy index which fell 5 percent, followed by the S&P BSE Oil & Gas index that was down 2.6 percent and the S&P BSE Capital Goods index fell 0.75 percent.

A volume spike of more than 100 percent was seen in stocks like UPL, Sun TV, Exide Industries, Bandhan Bank, Vedanta, Ramco Cements and NCC.

Long Buildup was seen in stocks like Exide Industries, Vedanta, Bajaj Auto, and Bajaj Finserv.

Short Buildup was seen in stocks like Bandhan Bank, RIL, Nestle India, Tata Steel, and Kotak Bank.

Top companies that will report their results for the March quarter on May 13 include ABB Ltd, Godrej Consumer Products, Kotak Mahindra Bank, Maruti Suzuki, Mphasis and Siemens.

More than 130 stocks dropped to a 52-week low.  It includes GE Power, AU Small Finance Bank, SBI, Quess Corp, DCB Bank, IIFL Holdings, DB Corp, and India Hotels.

IRCTC | Indian Railway Catering & Tourism Corp (IRCTC) share price ended at 5 percent upper circuit after online bookings for passenger train services opened a day earlier.

Asian Paints | The stock was down almost 3 percent on growth worries. Goldman Sachs also downgraded the stock to sell with a target at Rs 1,111 per share.

Bandhan Bank | The share price was down over a percent with the bank reporting a 20 percent decline in Q4 profit to Rs 517 crore on additional COVID-19 provisions.

Piramal Enterprises | The share shed more than 3 percent after the company reported a net loss of Rs 1,702.59 crore in the quarter ended March 31, mainly on the back of additional provisioning for challenges posed by the COVID-19 pandemic.

IndusInd Bank | The stock was up 3 percent on reports that Japanese insurance major Nippon Life was in discussion with the bank for a strategic investment.

Reliance Industries | The share price was down over 6 percent on profit booking. The stock will turn ex-rights on May 13. The company has fixed May 14 as the record date.

The Nifty formed a Doji kind of indecisive formation, as it smartly recoiled from an intraday low

The key technical development, which has gone in favour of bears, from price action can be the breach of 200-day simple moving average placed at 9,240.

A close below 9,100 could trigger a fresh bout of selling, with bigger targets close to 8,500.

Considering the current volatile phase, traders are advised to remain neutral on the index, whereas fresh selling opportunity can be considered on a close below 9,100, say experts.