The Indian stock market ended with deep cuts on Wednesday, March 4, on concerns over a US-Iran war, crude oil price hike, foreign capital outflow, and the rupee’s fall to a record low against the dollar kept investors on tenterhooks.
The Sensex crashed 1,123 points, or 1.40%, to finish the day at 79,116, while the Nifty 50 plunged 385 points, or 1.55%, to end at 24,480.50.
“Global risk sentiment remained fragile amid ongoing tensions in the Middle East and the closure of the Strait of Hormuz, which kept oil prices volatile. Indian equities mirrored the broader risk‑off environment due to the impact of inflation and the potential for higher CAD. The continued depreciation of the INR also remains a key concern, while incremental foreign outflows lead to near-term volatility in the market,” Vinod Nair, Head of Research, Geojit Investments Limited, noted.
“We advise investors to avoid panic sell-off and adopt a disciplined, long-term perspective and exercise patience over the next several weeks, as current price levels may offer a strategic entry point for the medium to long term,” Nair said.
Over 700 stocks at 52-week lows
As many as 719 stocks, including Swiggy, SBI Cards and Payment Services, IRFC, RVNL, REC, Concor, DLF, Naukri, Page Industries, Procter & Gamble Hygiene and Health Care, and Shree Cement, hit their 52-week lows in intraday trade on the BSE.
ACC, Alkyl Amines Chemicals, AWL Agri Business, Bata India, Birla Corporation, Brigade Enterprises, Godrej Industries, IRCON International, Olectra Greentech, and JK Lakshmi Cement were also among the stocks that hit their 52-week lows on the BSE.
However, 53 stocks, including Sai Life Sciences and Acutaas Chemicals, hit their 52-week highs in intraday trade on the BSE.
Top gainers and losers today
Only three stocks- Bharti Airtel (up 1.78%), Infosys (up 1.50%), and Tech Mahindra (up 0.51%) – ended in the green in the Sensex index.
On the flip side, Tata Steel (down 6.76%), Larsen and Toubro (down 4.53%), and Bajaj Finance (down 3.36%) ended as the top losers in the Sensex kitty of stocks.
Meanwhile, 15 stocks, including Ruby Mills, Sri Havisha Hospitality And Infrastructure, Sarthak Metals, Smartlink Holdings, Jindal Drilling & Industries, and Dev Information Technology, jumped more than 15% on the BSE, defying weak market sentiment.
However, the same number of stocks, including Krishival Foods, JMJ Fintech, and SM Auto Stamping, crashed more than 15% on the BSE.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
