A 1,000-point intraday swing! Sensex closes below 39K, Nifty holds 11,100

Indian stocks trim losses, but languish at multi-year lows

By Ritu,

Capital Sands

D-Street witnessed one of the most volatile sessions in the recent past on March 2. A 1000-point intraday swing which wiped out most of the gains made on the Sensex during the day.

Meanwhile, Nifty50 held onto its crucial support at 11,100 levels.

Bears took control in the last one-hour of the trading session as the S&P BSE Sensex started correcting from its intraday high of 39,083 to close at 38,144, wiping out 939 points in the process. The Nifty50 broke below 11,200 but found support near 11000.

Let’s look at the final tally on D-Street on March 2 – the S&P BSE Sensex fell 153 points to close at 38,144 while the Nifty50 was down 69 points to end at 11,132.

Sectorally, action was seen in IT while selling pressure was visible in the public sector, metals, oil & gas, energy, telecom, and banking stocks.

Broader markets performed in line with benchmark indices as the S&P BSE Midcap index was down 0.65 percent while the S&P BSE Smallcap index fell 0.77 percent.

On a day when Sensex was down more than 150 points, Nifty50 broke below 11200 levels, nearly 400 stocks on the BSE hit a fresh 52-week low that includes names like Gillette India, Hero MotoCorp, ACC, L&T, IndusInd Bank, Thermax, Lupin, M&M, Raymond, etc. among others.

Experts feel that news of two new cases of Coronavirus in India impacted domestic sentiments and Nifty broke below 11200 levels and ended lower by 0.6 percent on Monday.

The Indian markets have outperformed global peers in the recent rout mainly due to lower crude oil prices and no addition in Coronavirus cases in India.

Author: Ritu

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