Both the NSE Nifty and BSE Sensex continued their fall on Wednesday. NSE Nifty was down by 0.20 per cent or 39.05 points to 19,040, while the BSE Sensex was at 63,639 down by 0.37 per cent or 235 points at 1 pm.

A total of 3678 stocks were actively traded, 1692 advanced, while 1839 stocks declined and 147 stocks remained unchanged. While 132 stocks hit a 52 week high and 31 stocks hit a 52 week low.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “With the ground war in Gaza intensifying, the uncertainty surrounding the West Asian crisis is at its peak. Now we don’t know how and when this war will end and what the consequences will be. Therefore, investors should continue with a cautious strategy.

It is important to understand that equity markets globally are being impacted more by the spike in US bond yields rather than the Israel-Hamas conflict. The US 10-year bond yield above 4.9 per cent will continue to be a major headwind for stock markets, particularly for those in emerging markets. Sustained selling by FIIs is likely to continue weighing on markets.”

He added, “The crash in Brent crude to $85 is a big positive for India. Aviation, paints, and Tyre stocks will respond positively to this news. Investors may watch the trends in high-quality large caps like Maruti, ICICI Bank, HDFC Bank, RIL, ITC, and L&T, which have come out with good Q2 results. These companies have good earnings visibility and, therefore, will witness substantial institutional buying when normalcy returns.”

Top gainers on the BSE include Idea, Cressanpp, Jpassociat, Bbtc, Rtnindia with gains ranging from 10 per cent to 6 per cent. Top losers from BSE include Jindalstel, Carerating, Niitltd, Starhealth, Dcmshriram with losses ranging from 6 per cent to 4 per cent.

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