Mumbai: A sharp sell-off in the stock market wiped out over Rs 10 lakh crore from investors’ wealth on Monday as the benchmark Sensex plummeted over 2,400 points following weak geopolitical tensions.
Total investor wealth of BSE-listed companies tumbled by Rs 10.24 crore to Rs 446.92 lakh crore.
The 30-share index plunged 2,401.49 points to 78,580.46 in early trade while the NSE Nifty tumbled 489.65 points to 24,228.05. From the Sensex pack, Tata Motors, Tata Steel, JSW Steel, Adani Ports, Maruti and Reliance Industries were the biggest laggards.Sun Pharma and Hindustan Unilever were trading in the positive territory.
Sameet Chavan, Head Research, Technical and Derivative – Angel One said, it is crucial to stay alert and monitor aberrations in the global landscape, that may adversely affect the overall sentiments and trends within the Indian stock market. He also cautioned investors to observe these developments thoroughly and diligently over the weekend to ensure well-preparednes in responding effectively.
“From a technical standpoint, the Nifty index continues to maintain a position above all its major Exponential Moving Averages (EMAs), with robust nearby support identified around the subzone of 24600-24500. Also, till Nifty remains above this level, there shouldn’t be any significant cause for concern for market participants. On the higher end, the bearish gap on the daily chart, around 24850-24950, is likely to act as intermediate resistance, followed by the psychological mark of 25000 in the near period. Moreover, a sustained breakthrough beyond this level is anticipated to catalyse the next series of rallies in the benchmark,” Chavan added.
