Indian stock market: Stock market indices Sensex and the Nifty 50, ended more than one percent lower for the second consecutive session. Investor sentiment was dampened as equities across various sectors were unloaded amid rising tensions in West Asia. The situation escalated after Iran launched more than 300 missiles and drones at Israel on Saturday in retaliation for a suspected Israeli strike on its embassy in Syria earlier.
In early trade, the Sensex saw a fall of 930 points, hitting the day’s low of 73,315.16, compared to its previous close of 74,244.90. Finally, the 30-share index ended the day down 845 points, or 1.14%, to settle at 73,399.78.
Also Read: Iran-Israel Tensions: How are they affecting Indian stock market? Here’s what experts say
Meanwhile, the Nifty 50 started 180 points lower at 22,339.05 from its previous close of 22,519.40, and it continued to decline, reaching a low of 22,259.55, down by 260 points. At the close, the index recorded a decline of 247 points, or 1.10%, ending at 22,272.50.
“Geopolitical concerns globally weighed on Indian markets with Nifty opening a gap down and remained under pressure during the session to close with a loss of 247 points (-1.1%) at 22273 levels. Broader market declined over 1% amid a rise in the India’s VIX (Volatility Index) at 8%.Except for Oil & Gas, weakness was seen across the sectors due to the Iran attack on Israel, persistent concerns about higher for longer US interest rates, and weak earnings, weighed on Indian stocks.Furthermore, India’s WPI inflation accelerated to a three-month high of 0.53% in March, driven by food and primary items dampening sentiments.Thus, we expect domestic markets to witness headwinds amid rising volatility. With the start of results season and election promises from several political parties, we may continue to see sector- and stock-specific actions. Globally, investors will be very concerned about US core retail sales and China’s Q1 GDP numbers, which will be released later today for further guidance,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Prabhudas Lilladher’s Vaishali Parekh Technical Stock Picks –
SJVN: Shop at ₹127.70 | Target Price: ₹152 Stop Loss: ₹114
The stock has been consolidating for quite some time, and is currently gaining momentum by improving the bias keeping above the significant 50EMA level of 117 zone and is predicted for further increase in the coming days. The RSI has shown improvement increasing after the brief consolidation phase and has a lot of potential to continue with the momentum further ahead. We suggest buying the stock for an upside target of 152 while maintaining a stop loss of 114.
Also Read: Stocks to buy: SBI Card, CDSL, Jindal Saw among 8 stocks that can rise 5-31% in next 3-4 weeks, say analysts.
Sun TV: Buy at ₹629 | Target Price: ₹707 Stop Loss: ₹597
The stock crossed the significant 50EMA level of 620 levels and indicated a break above the descending channel pattern on the daily chart at 625 levels to improve the bias to anticipate further rise in the coming days. The RSI is well placed indicating a trend reversal to signal a buy with plenty of upside potential visible from current levels. With the chart looking attractive, we suggest buying the stock for an upside target of 707 while keeping the stop loss at 597 level.
Disclaimer: The views and recommendations above are those of individual analysts, experts and second-hand companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 15 Apr 2024, 18:12 IST