NEW DELHI: In a turbulent trading session on Thursday, the Indian stock market witnessed a sharp and unrelenting decline, closing in the red amidst growing concerns surrounding the Israel War and a global economic downturn.
The market’s performance took a significant hit, with key indices unable to recover, and the bears dominating the trading floor.
The Sensex plummeted by a staggering 900.91 points, closing at 63,148.15, while the Nifty also experienced a substantial drop of 264.90 points, concluding the trading day at 18,857.25.
Investors faced a tough day as market sentiment soured.
Of the Nifty companies, only four managed to make advances, while a whopping 46 found themselves in the decliners’ category.
Among the top gainers were Axis Bank, Adani Ports, HCL Technology, and Power Grid. However, it was a day of woes for M&M, Bajaj Finance, Asian Paints, UPL Limited, and Nestle India, which emerged as the top losers.
Varun Aggarwal, founder and Managing director, Profit Idea, said, “Dalal Street closed in red amid concerns about the Israel War. The market witnessed heavy selling, today stocks were hammered from the day’s high. This week investors have lost significant value in stocks. We continue to remain bullish on selected good stocks. The market is providing opportunities to medium to long-term investors.
Many stocks are going into oversold territory. Bounce can be expected by traders”.
“Risk-defined bullish strategies are best for traders. Pharma, IT, Automobile, FMCG, Banks, and Petrochemicals stocks can see good returns in the coming times. Index major HDFCBANK, Reliance looks good on dips. Both these bouncing back will bring the index also positive. Expect India to outperform global peers”, said Aggarwal
He further said, “Open Interest (OI) data has shifted significantly on a downward trajectory to 18500 levels for the November series. Market participants are cautious as important levels were broken today. Buying slowly in a staggered manner is advised for investors. One should not panic in this downtrend. We remain bullish on India and believe in its growth story.”
The week has been challenging for investors, with substantial losses incurred, making for an unpredictable market atmosphere. Despite the setbacks, experts suggest that the market remains full of opportunities, particularly for medium to long-term investors, as several stocks seem to be entering oversold territory.
As investors continue to assess market dynamics, risk-defined bullish strategies are being considered the safest bet for traders. Sectors such as Pharma, IT, Automobile, FMCG, Banks, and Petrochemicals are expected to show promise in the coming times, potentially delivering good returns.
Some key players in the market, like HDFC Bank and Reliance, are predicted to make comebacks, which, in turn, could contribute to a positive index.
Notably, market participants are showing caution as critical support levels were breached during the day.
In conclusion, investors are encouraged not to panic amidst this downtrend. The market continues to hold the potential for growth, and India’s economic outlook remains positive, even amid global concerns.
The optimism regarding India’s growth story persists, even in the face of adverse market conditions. (ANI)