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Among the 30 shares of the Sensex, 23 stocks were trading in green. UltraTech Cement, Mahindra & Mahindra, Infosys, L&T, Zomato, and Tech Mahindra were top gainers rising by up to 3.37%.
Stock Market Today.
The domestic equity market on Monday started the week on a positive note, with the BSE Sensex surging by 449.33 points at 73,647.43 and the NSE Nifty rising by 106.1 points at 22,230.8 in the opening trade. Among the 30 shares of the Sensex, 23 stocks were trading in green.
UltraTech Cement, Mahindra & Mahindra, Infosys, L&T, Zomato, and Tech Mahindra were top gainers rising by up to 3.37 per cent. On the other hand, among the laggards were IndusInd Bank, NTPC, Axis Bank, Bajaj Finserv, and Bajaj Finance.
Prashanth Tapse, senior vice-president (research) of Mehta Equities Ltd, said, “Panic-selling gripped Dalal Street last week, with Nifty nearing the 22,000 mark, dragging down Bank Nifty (-1.30%) and Nifty IT (-7.96%), with major losses in ICICI Bank, SBI, INFY, LTI Mindtree, Tech Mahindra, and TCS. Uncertainty looms with Trump tariffs and geopolitical tensions. However, positive catalysts include February’s GST revenue rising by 9.1% to Rs 1.84 lakh crore, Wall Street’s sharp rebound, and Nvidia’s recovery.”
Technically, Nifty remains weak below 24,073, with downside risks to 22,000 and 21,281. This week, all eyes are on Friday’s US jobs report to set the market’s direction, he said.
Giving recommendation on stock trading, Tapse said, “Stock to sell: INDUS TOWER (CMP 324) with targets at 313/291 and aggressive target at 261.”
V K Vijayakumar, chief investment strategist at Geojit Financial Services, said, “The main triggers for the sustained FII selling in India have been the high valuations and the attractive US bond yields. These important macros are undergoing a slow shift. Large-cap valuations are now fair and in segments like financials attractive. The US 10-year bond yields have declined to 4.21 per cent. So, there is a possibility of FIIs reducing their selling, going forward. There is good news on India’s growth front. The Q3 GDP growth numbers picking up from 5.6% in Q2 to 6.2% in Q3 and suggesting above 7 % growth in Q4 is indicative of cyclical recovery which bodes well for the stock market.”
The correction in the market is an opportunity for long-term investors to buy high quality stocks. The February auto sales numbers reveal excellent performance from M&M and Eicher. IT stocks also are turning attractive. It is difficult to predict when the market will bottom out. But this is the time to start buying without bothering about the near-term volatility, he added.
