Indian equity markets continue to remain under pressure as the Sensex dropped by 300 points before rebounding, while the Nifty50 struggles near the 22,150 mark. All sectoral indices are trading in the red, with oil & gas, power, and PSU sectors witnessing losses of 1-2%. Midcap and smallcap stocks are also taking a hit, falling by a similar margin.
Market Overview
Among the top losers in today’s session are Coal India, Reliance Industries (RIL), and IndusInd Bank. Meanwhile, the most actively traded stocks on the NSE include BSE Limited, Reliance Industries, Bharti Airtel, TCS, and HDFC Bank.
Nifty50 Extends Losing Streak, Tests 22,000 Support Zone
The Nifty50 has now declined for eight consecutive sessions, forming a bearish candle on the daily chart. With the index unable to close above the previous session’s high for 17 straight sessions, it remains in oversold territory.
From a technical perspective, resistance is seen at 22,800, while immediate support lies at 21,800. The maximum Call Open Interest (OI) resistance level is at 22,500, while the maximum Put OI support level is positioned at 21,800 for the March 6 expiry.
Sensex Technical Outlook
The Sensex also continues its downward momentum, slipping below the 74,000 support level. The index remains weak on technical charts, with immediate resistance at 75,000 and crucial support at 72,000. The maximum Call OI resistance level is at 74,000, while the maximum Put OI support level stands at 72,500 for the March 4 expiry.
Global Market Update
Asian markets showed mixed trends as of 7 AM. The GIFT Nifty rose 0.42% to 22,363, while Japan’s Nikkei 225 gained 1.03%, reaching 37,536. Meanwhile, Hong Kong’s Hang Seng Index climbed 0.93% to 23,155.
US markets saw a strong rebound on Friday, with the Dow Jones rising 1.3% to 43,840, the S&P 500 gaining 1.5% to 5,945, and the Nasdaq Composite surging 1.6% to 18,847. The gains followed the release of the Personal Consumption Expenditures (PCE) index, which came in at 2.6% for January, matching expectations and easing inflation concerns. However, geopolitical tensions remained high after reports of a dispute between former US President Donald Trump and VP JD Vance with Ukrainian President Volodymyr Zelenskyy over mineral rights negotiations.
FII-DII Activity
Foreign Institutional Investors (FIIs) remained net sellers, offloading ₹11,639 crore worth of equities. In contrast, Domestic Institutional Investors (DIIs) acted as net buyers, purchasing ₹12,308 crore worth of shares.
Stock Scanner
Today’s stock market activity saw a long build-up in Phoenix, while stocks such as IndusInd Bank, Tech Mahindra, Jio Financials, Adani Green, and Bharti Airtel experienced a short build-up.
Among the most actively traded futures were HDFC Bank, IndusInd Bank, ICICI Bank, Reliance Industries, and BSE, while the most traded options included BSE 4500 PE, Polycab 4800 CE, HDFC Bank 1700 CE, Reliance 1200 CE, and TCS 3500 PE. Notably, no stocks were placed under the F&O Ban for today’s trading session.
Key Market Drivers for March
Several factors continue to influence market sentiment. Valuation concerns remain high, with small and midcap stocks still expensive despite recent corrections, making investors cautious. Meanwhile, the US government’s planned tariffs on Canada, Mexico, and China starting March 4 could impact global trade and inflation.
Additionally, key upcoming economic data releases include India’s IIP and Consumer Price Inflation (CPI) data on March 12, Wholesale Price Inflation (WPI) data on March 14, and the RBI Policy Announcement in April. A notable concern remains the significant FII outflows, with foreign investors having offloaded over ₹3 lakh crore in equities since October 2024, largely due to inflation concerns and the strengthening US dollar index.
Commodity Market Update
In the commodities market, gold prices saw a sharp correction after an eight-week winning streak. COMEX Gold retreated from its record high of $2,956, falling 2.6%, while MCX Gold dropped by over 1,800 points last week. The primary trigger for the decline was a stronger US dollar and inflation data that met expectations.
Real Estate News: Zuari Infraworld Expands in Hyderabad
In real estate developments, Zuari Infraworld India has partnered with Gangothri Developers to develop a premium residential project, Zuari Gangothri Tribhuja, in Hyderabad’s Kollur micro-market. Spanning across 9.4 acres, the project will be managed by Zuari Infraworld, with execution led by Gangothri Group.
