Sensex falls over 400 pts, Nifty ends below 24,250 as US-Iran attacks, banking results hit sentiment

The stock market ended in the red on Monday as US and Iran traded attacks over the weekend. The equity market pared minor losses from morning deals with Sensex ending 443 pts lower at 77,708. Nifty slipped 96 pts to 24,238. Oil prices rose to $90 per barrel mark during the weekend. 

Top losers 

Stocks such as Axis Bank, HDFC Bank, Maruti Suzuki, Kotak Bank, Infosys, TCS, M&M and IndiGo led the losers on Sensex, falling up to 5.48% on Monday. Banking stocks were among the top losers after Axis Bank, HDFC Bank, Kotak Mahindra Bank reported their Q1 earnings on Saturday. On Sensex, top gainers were Trent, Power Grid and NTPC, rising up to 3%.

107 stocks hit 52-week lows 

Amid the weakness in market, as many as 107 stocks hit their 52-week lows today. On the other hand, 124 shares hit their 52-week highs on BSE today.

Market breadth in red

Out of 4514 stocks traded, 2,226 stocks ended in the green. Around 2039 stocks closed in the red while 249 stocks remained unchanged.

Lower circuits, Upper circuits

Around 15 stocks hit their lower circuits as the stock market tanked today. On the other hand, 13 shares hit their upper circuit limits, amid weak sentiment on BSE.

Expert take 

Ajit Mishra – SVP, Research, Religare Broking said, "Nifty once again failed to cross the 24,400 mark, reinforcing the ongoing range-bound trend. Immediate support is placed in the 24,000–23,800 zone, while a decisive breakout above 24,400 could trigger the next leg of the recovery. Despite the choppiness in the benchmark index, rotational buying across sectors and the resilience of the broader markets continue to offer ample stock-specific trading opportunities. We therefore recommend maintaining a cautious 'buy-on-dips' approach, focusing on relatively stronger stocks while adhering to disciplined risk and position management." 

Shrikant Chouhan, Head of Equity Research, Kotak Securities said, "From a technical perspective, the market's trading range has narrowed, but a decisive breakout is still awaited. The key levels to watch remain 24,000/76,800 on the downside and 24,350/78,300 on the upside. As long as these levels remain intact on a closing basis, stock-specific action is likely to dominate. A close below 24,000/76,800 could open the doors for a decline towards 23,800/76,200, whereas a sustained move above 24,350/78,300 may pave the way for a retest of 24,500/78,700. The preferred strategy is to reduce weak long positions in the 24,350–24,450 (78,300–78,600) zone, while remaining selective in accumulating quality stocks on declines."

Previous session

Sensex surged 965 points, or 1.25%, to close at 78,151, while the NSE Nifty50 advanced 261 points, or 1.09%, to settle at 24,344. During the session, Nifty touched an intraday high of 24,367.30.