As much as 12 stocks listed on Bombay Stock Exchange (BSE) hit upper-circuit on Wednesday. Indian markets experienced another volatile session on February 19 as an initial sharp sell-off at the opening was swiftly absorbed by buyers.
BSE-listed stocks such as Fratelli Vineyards, Kemistar Corporation, Spice Islands Industries, Integrated Capital Services, Gujarat Credit Corporation, Aanchal Ispat, Challani Capital, Padmanabh Industries, Prithvi Exchange (India), Hipolin, Rama Paper Mills and Rajeswari Infrastructure were among the stocks that hit upper-circuit on February 19.
Meanwhile, only four stocks listed on BSE hit lower circuit on Wednesday.
Stock market today
The Nifty 50 rebounded by 118 points during the day, closing at 22,932, reflecting a slight 0.05% decline from the previous close. Meanwhile, the Sensex recovered 374 points from its intraday low and edged up by 0.02% to settle at 75,955 points.
The rebound was primarily fueled by gains in financial stocks, which helped counter losses in the pharma and IT sectors, each facing challenges for different reasons. Analysts believe that uncertainty surrounding tariffs has led investors to move towards financial stocks.
The Nifty Midcap 100 ended the session up 1.56%, closing at 50,527, while the Nifty Smallcap 100 index advanced 2.36% to settle at 15,525 compared to its previous closing level on Tuesday.
“Nifty opened with a gap down, experienced initial volatility, but later consolidated within a narrow range before settling flat at 22,933. The volatility index, India VIX, eased from 16.02 levels, declining 1.56% to 15.42. Notably, the broader market outperformed Nifty, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising by 1.56% and 2.36%, respectively,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).
Yedve further added, “Similarly, Bank Nifty opened on a negative note, witnessed strong buying interest, and settled on a positive note at 49,570. Technically, on the daily scale, the bank nifty index has formed a bullish engulfing candle, indicating strength. However, index is still placed below 49,650 hurdle. Sustaining above 49,650 could lead fresh move towards 50,000 levels. On the downside 48,800 will act as immediate support for the index. Traders should closely monitor these levels for potential trading opportunities.”
