The market ended near a 1-month low on March 24 amid weak global cues and fears of a second wave of COVID infections in India. At close, Sensex was down 871 points at 49180, and Nifty was down 265 points at 14549. Among sectors, Nifty Metal and PSU bank indices slipped 3 percent each, while Nifty Auto and Nifty Bank shed over 2% each. BSE Midcap and Smallcap indices shed over 1.5% each. More than 100 stocks, including Mindtree, KPIT Technologies, Inox Wind, Godrej industries, Adani Enterprises and Ambuja Cements, hit a fresh 52-week high on the BSE.
Though we have not seen any major correction in the benchmark yet, the uneasiness is certainly increasing with the rapid rise in the COVID cases. Besides, global cues are also mixed. We were hoping for some respite from the banking front but it failed to build on the previous session’s gain. Put together, indications are now pointing towards further slide in the index while volatility is likely to remain high due to the scheduled expiry of March month contracts. We reiterate our bearish yet cautious view and suggest maintaining positions on both sides.
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