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livemint.com / 2 months ago
Stock recommendations for 3 March from MarketSmith India
Stock market recap: Indian equities witnessed a significant sell-off on Monday, 2 March, as escalating geopolitical tensions in West Asia triggered a global "risk-off" sentiment. The Nifty 50 plummeted 312.95 points (1.24%) to settle at 24,865.70, while Sensex shed 1,048.34 points (1.29%) to close at 80,238.85 in a volatile session. India VIX, or the fear gauge, surged more than 20% to cross the 17 level.
Market breadth was decisively bearish, with a weak advance-decline ratio on BSE, where nearly six stocks declined for every one that advanced. The downturn was primarily driven by a sharp spike in Brent crude prices, touching a 14-month high of $82.40 per barrel, following reports of the US-Israeli strikes on Iran. Sector-wise, Nifty Realty and Auto were the biggest laggards due to inflation and interest rate concerns, while index heavyweight Larsen & Toubro fell more than 4%.
Conversely, Bharat Electronics Ltd and ONGC showed resilience, gaining on defense interest and energy pricing.Buy: Bharat Electronics Ltd(current price: ₹454)Buy: Paras Defence and Space Technologies Ltd (current price: ₹670)Indian equities ended sharply lower on 2 March, with the Nifty 50 declining 312.95 points, or 1.24%, to close at 24,865.70, after slipping to an intraday low of 24,603.50. Sensex mirrored the weakness, as risk-off sentiment and broad-based selling weighed on benchmarks through most of the session. Market breadth was decisively negative, with 651 stocks advancing and 2,579 stocks declining, and 67 remaining unchanged, underscoring the intensity of the sell-off.
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