Stock Market Today Swings Wild with Heavyweights’ Strength
Roadstar Infra Investment Trust was listed on NSE (Image credit NSE India)
Frontline Stocks Rescue Stock Market from Crash
By S Jha
New Delhi, March 12: The stock market on Wednesday went for wild swings. The day began buzzing with Elon Musk plan to enter India with Starlink of SpaceX.
Shares of Bharti Airtel went galloping in early minutes of the trade. But newsbreak of Reliance Jio also partaking Starlink India plan sank gains of shares of Bharti Airtel.
From rising almost four per cent, shares of Bharti Airtel soon slipped into the red. Shares of Reliance Industries stayed marginally in green.
Nifty through the day went in a see-saw session. At one point, the 50-share index was trading with loss of almost 160 points. But Nifty was also trading with gains of over 50 points at some points during the day.
The tug-of-war between the bulls and bears remained unsettled by the end of the session. Nifty closed the day with marginal losses. Bank Nifty stayed firm while erasing major gains in the day.
The positive commentary from the management of Tata Motors on flagship car Jaguar Land Rover sent the scrip buzzing in the session. It snapped its losing spree. Shares of Tata Motors at one time were trading above ₹670. The scrip is almost trading with 50 per cent discount from recent peak.
Shares of IndusInd rebounded on Wednesday. The scrip almost gained five per cent. It had been hammered in yesterday’s session, losing 27 per cent.
Banking heavyweights – Kotak Mahindra Bank and HDFC Bank – gave strength to the bourses. Shares of Kotak Mahindra Bank scaled 52-week high of 1994 during the day. Shares of HDFC bank were higher by almost two per cent during the day.
Both the banking heavyweights sent the Bank Nifty trending. The index was trading with strong gains during the day. Value buying in stocks were also seen.
Nifty is showing strength to reclaim the 22500 level after getting hammered. Analysts state that 22500 is a crucial level for the 50-share index. Amid uncertainty of the global cues, analysts warn against overnight positions in the markets.
The IT index lost heavily on Wednesday, losing over three per cent. The telecom index also lost more than two per cent. The realty index which had gained almost three per cent yesterday lost almost two per cent today.
Sugar stocks were trending during the day’s session. Select scrips such as Red Tape and Aegis Logistics gained during the day.
(Disclaimer: This article makes no recommendation for buy or sell of shares of any company)
Join the WhatsApp Channel of The Raisina Hills
Follow on Google News https://news.google.com/publications/CAAqBwgKMNK2vwsw39HWAw?hl=en-IN&gl=IN&ceid=IN%3Aen
About The Author
