Indian markets on Monday closed near day’s low with banks and financials being the top losers. The BSE Sensex fell 571 points to 57,292 and Nifty50 down 169 points to 17,118 and the broader markets outperformed benchmarks, as Midcap index declined 81 points to 28,897 levels at the close. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Sectorally, metal stocks rose tracking higher commodity prices, as Hindalco, Nalco and Vedanta became top gainers during today’s trade. On the contrary, FMCG stocks declined most of all as index fell by almost 2 per cent at the market close.

See Zee Business Live TV Streaming Below:

ICICI Bank, Kotak Bank, TCS and Reliance Industries dragged the market today while HDFC Bank, Hindalco and Coal India lifted the market. As many as 10 stocks gained and 40 decline on Nifty50. 

ONGC shares were amongst top Nifty gainers as crude sees a sharp rise in last two sessions. Petronet LNG, Gail, IGL, Indigo, torrent pharma are top midcap losers and Delta, Aurobindo, Oil India and Strides are top midcap gainers during today’s trading session. 

"With no significant improvement in the tensions between Russia-Ukraine and uncertainty in Gulf region, crude prices surged leading to a sell-off in the domestic market after the recent rally, Vinod Nair, Head of Research at Geojit Financial Services said in his post market comment. 

“FII’s coming back to buying mode is a positive for markets but gain in bulk diesel prices, inflationary pressure is bending the domestic market. Accenture's positive earnings and strong guidance have helped Indian IT firms to be in demand, however, late selloff was witnessed,” the analyst added. 

We have collated views from different experts as to what investors should do when trading resumes: 

Expert: Vijay Dhanotiya, Lead of Technical Research at CapitalVia Global Research Limited. 

The markets failed to show resilience to stay above the level of 17200 and we saw profit booking in the market. As of now, the short-term technical condition of the market shows that the expected range of the market is likely to be between 17000 and 17400.  

While it is subject to further price action evolution, market research suggests it is prudent to wait for a decisive breakout above 17400 and technical factors to improve before going long in the market.  

Expert: Palak Kothari Research Associate Choice Broking 

Technically, the Index has formed a bearish candle which suggests weakness in the counter for the next trading session. On an hourly chart, it is trading in rising wedge formation and taking support from the lower band of formation which indicates sustaining above the same can show upside.  

Moreover, the benchmark index has given closing below 21-DMA which adds weakness to the price. At present, the index has support at 17000 levels while resistance at 17380 levels, crossing above the same can show 17450-17500 levels.  

Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers  

Indian markets opened mixed following muted Asian market cues as rising oil prices and continued Ukraine crisis kept investors on edge. Traders were also worried as India's foreign exchange (forex) reserves declined by $9.646 billion to $622.275 billion in the week ended March 11, the sharpest decline in nearly two years. 

Expert: Ajit Mishra, VP - Research, Religare Broking Ltd 

Markets are dancing to the global tunes, and we don’t see this changing anytime soon. Broadly, we reiterate our positive bias till Nifty upholds the 16,800 zone however the key is to identify the sectors/stocks which are showing resilience and add them on dips.