• News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

Wednesday At Stock Market: Market Continues To Fall Amidst Global Crisis, Watch Out For united Spirits, Titan, BPCL, Indian Hotels

The gloom continues in the market and Tuesday also saw both NSE and BSE closing on red. Experts say that global crisis will continue to hit the market and it will witness more ups and downs

Photo Credit :


The dull days of the stock market continued on Tuesday as well. The impact of the Silicon Valley Bank crisis was evident on the Indian share market as well. Both Nifty and Sensex closed on the red mark, with the NSE Nifty down by 111 points to close at 17,043.30 and the BSE Sensex down by 337.66 to close at 57,900.19. Market experts opined that investors should wait before investing as these fluctuations will continue to hit the market. 

Big Gainers

The market fluctuations did see some shares closing on the green mark. Xpro India saw a jump of 20 per cent and traded at Rs 653.70. In the last one month, this share has seen a gain of 15.03 per cent. 

Zen Technologies saw a good gain of 11.44 and is slowly moving towards its 52 week high at Rs 297.40. Currently trading at Rs 291.75, this share has gained 6.56 per cent in the last 5 days. 

Poly Medicure was up by 6.82 per cent and traded at Rs 1,023.90. In the last 5 days, it has gained 3.32 per cent and its 52-week high is Rs 1,045. 

Navratna company National Aluminium Company (NALCO) saw a gain of 0.061 and closed at Rs 82.20. It is a fluctuating stock but still has seen a 3.92 per cent growth in last one month. 

Keep A Watch On These Stocks 

There are bullish signals in some stocks and market experts and the momentum indicator MACD indicates that these can be checked. 

United Spirits is available at Rs 768.80 and has seen a gain of 1.91 per cent on Tuesday. In the last 5 trading days, it has gained 2.47 per cent. 

Titan Company saw a gain of 1.24 per cent and is available at Rs 2,361. Its year range is Rs 2,791. Bharat Petroleum Corporation (BPCL) is available at Rs 326.40 and in the last 5 days, it has gained 0.32 per cent. Coal India is trading at Rs 221.40 and saw a gain of 0.27 per cent. Its year range is Rs 263.40. Indian Hotels is trading at Rs 314.00 with a gain of 0.59 per cent. 

Expert Speak 

Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One : Our market started the day on a frail note, tracking the weakness across the Asian bourses. The benchmark index Nifty50 continued its southward journey for the fourth consecutive session to test sub-1700 levels, inferring weakened sentiment. Amidst the ongoing sell-off, Nifty concluded the day with a cut of 0.65 percent and settled a tad above the 17000 mark.

The relentless selling has dragged the Nifty towards the psychological mark, which is likely to be seen as the last ray of hope for a reversal in the short run. Technically, the market has entered way below oversold territory, and any relief on the global front could accelerate momentum on the higher side. As far as levels are concerned, 17200 is likely to be seen as immediate resistance, followed by the sturdy hurdle of 200 SMA, placed around the 17400–17450 odd zone in the comparable period. On the downside, strong demand is expected near 17000–16900 odd levels.

The ongoing correction is due to global macro factors, hence, any improvement in the overseas market should act as a catalyst for the bulls. Technically, the bearish formation would only get discarded above the 200 SMA. Until then, one should remain cautious and closely track global and domestic developments. Also, traders are advised to avoid aggressive bets and look for stock-specific action, while investors could now seize this opportunity by initiating accumulation in good blue-chip companies but in a staggered manner.