Market Update

Key Highlights

• The Sensex and Nifty indices staged a sharp recovery from their mid-afternoon lows, driven by value buying from lower levels.
• The Sensex rebounded by 1,800 points from its day's low, while the Nifty remained above the 24,900-mark.

Market Activity

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• As of 2:21 pm, the Sensex was down 1,316.61 points (1.62%) at 79,970.58, while the Nifty was down 388.35 points (1.54%) at 24,790.30.
• A total of 583 shares advanced, 3,416 shares declined, and 115 shares remained unchanged.

Market Analysis

• According to an analyst, panic selling during a crisis is a wrong strategy, and investors should refrain from selling and watch how things evolve.
• The uncertainty related to the war in West Asia will continue to impact the market in the near-term, with a major risk being the energy risk arising from a surge in crude oil prices.
• If Brent crude remains around $76, equity markets may remain weak but are unlikely to witness a big crash.

Technical Analysis

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• The performance of relatively stronger sectors, such as banking, will be crucial in determining whether the market stages a rebound or extends the decline.
• A decisive move above 25,600 could negate the prevailing pessimism and pave the way for a recovery toward 25,900.

Nifty F&O Expiry

• With it being a weekly Nifty F&O expiry, sharp movements on either side are expected.