Amid ongoing market downturn, as much as 15 stocks hit upper-circuit on Bombay Stock Exchange (BSE) on Tuesday’s trading session. Indian benchmark indices ended nearly unchanged on Tuesday, rebounding from early losses, as gains in IT stocks offset declines in consumer stocks.
BSE-listed stocks such as Mangalam Organics Limited, Manoj Ceramic, Bodhi Tree Multimedia, Shekhawati Industries, Orient Press, Shashijit Infraprojects, Priya Ltd, Ken Financial Services, Jay Bharat Credit, Universal Office Automation, Checkpoint Trends, Epsom Properties, Mudunuru, MKP Mobility, Jyoti Infraventures were among the stocks that hit upper circuit on February 18.
Meanwhile, only four stocks hit lower-circuit on BSE on Tuesday’s session.
Stock market today
Both benchmark indices opened in negative territory on Tuesday, with losses extending up to 0.70%. However, by mid-session, they had regained most of the losses, and the upward momentum persisted, resulting in a steady close.
The Nifty 50 rebounded by 137 points during the day to settle at 22,945, reflecting a slight drop of 0.06% from the previous close. Meanwhile, the Sensex recovered 491 points from its intraday low and ended marginally higher by 0.04%, closing at 75,967.
The market’s recovery today is driven by the prolonged selling pressure in recent sessions, which pushed stocks into oversold levels, presenting an opportunity for a technical rebound as investors take advantage of the correction.
“The Equity Benchmark index, Nifty50, initially declined but recovered in the latter part of the day, closing with a marginal loss of just 14 points at 22,945 (-0.1%). The index has been experiencing buying interest at lower levels and has managed to close above the key support level of 22,800 for the past five trading sessions. In the broader market, the Nifty Midcap100 saw a slight decline of 0.2%, while the Nifty Smallcap100 experienced a sharper fall of 1.6%. However, there was buying interest in select IT and Oil & Gas stocks,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd.
