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Trade Spotlight | What should you do with Tata Motors, PNB, L&T Finance Holdings on Friday?

The short term structure of Punjab National Bank is still in to the down side and Rs 34 and Rs 35 would be the immediate resistance area for the Punjab National Bank. Blow the same, the chance of hitting Rs 29-27 would turn bright.

February 25, 2022 / 08:18 AM IST
 
 
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Dalal Street saw a bloodbath on Thursday as the benchmark indices plunged nearly 5 percent in sync with a steep fall in global markets with the invasion of Ukraine by Russian forces and crude oil prices crossing $100-a-barrel mark. The heavy selling pressure across sectors forced the market to post one of the biggest single-day fall since March 2020.

The BSE Sensex tanked 2,702 points to 54,530 and the Nifty50 corrected 815 points to 16,248, while the broader markets fell around 6 percent.

Stocks that were in action include Tata Motors, which saw the lowest closing level since October 12, 2021, falling 10.3 percent to Rs 427.95, while Punjab National Bank plunged 14.3 percent to Rs 32, the lowest closing level since December 2020, and L&T Finance Holdings cracked 10.7 percent to Rs 62.30, the low point of November 2020.

The PSU Bank index was down more than 8 percent and Financial Services corrected over 5 percent, while Auto index fell more than 6 percent.