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The stock market continued bearish as the Nifty 50 slided over 150 points to fall below the Rs 24,200 mark by closing at Rs 24,117.00, a decline of 0.74%. The Sensex is also struggling, shedding 581.79 points to settle at 78,886.22 down 0.73%. Meanwhile the Nifty Bank showed a minor gain adding 37.70 points to close at 50,156.70, up 0.075%.
As many as 41 stocks fell in the Nifty 50 index. Technically, the market trajectory turned bearish after the Nifty 50 dropped and closed below the last higher low at 24,074. The Sensex also followed a bearish suit trend as its price fell below 77,923.
Looking at the stocks that led to the drop, Larsen & Toubro Infotech Limited experienced a decline with the last traded price dropping by 4.09% to Rs 5,339.80 from the previous close of Rs 5,567.50. The stock opened at Rs 5,547.00 which was still the high and dropped to a low of Rs 5,320.85.
Grasim Industries Limited shows a considerable drop with the LTP at Rs 2,542.00, down 3.60% from the previous close of Rs 2,637.05. The stock opened at Rs 2,623.25, reaching a high of Rs 2,633.80 and a low of Rs 2,531.10.
Asian Paints Limited saw a decline of 3.37% with the LTP at Rs 2,996.90 compared to the previous close of Rs 3,101.45. The stock opened at Rs 3,080.00, peaked at Rs 3,089.70 and touched a low of Rs 2,990.40.
Apollo Hospitals Enterprise Limited experienced a 3.09% drop with the LTP at Rs 6,513.00. The stock opened at Rs 6,740.00, reached a high of Rs 6,744.35 and a low of Rs 6,500.00.
Infosys Limited fell by 2.94% with the LTP at Rs 1,739.00. The stock opened at Rs 1,779.95, reached a high of Rs 1,779.95 and dropped to a low of Rs 1,727.10.
Power Grid Corporation of India Limited shows a decline of 2.53% with the LTP at Rs 343.15. It opened at Rs 355.00 the highest point for the day and fell to a low of Rs 341.25.
JSW Steel Limited fell by 2.40% with the LTP at Rs 884.70. The stock opened at Rs 900.00, hit a high of Rs 902.95 and a low of Rs 883.40
UltraTech Cement Limited experienced a 2.38% decline and closed at Rs 11,268.00. The stock opened at Rs 11,500.00, reached a high of Rs 11,524.20 and a low of Rs 11,228.75.
HCL Technologies Limited showed a decline of 2.30%, with the LTP at Rs 1,558.00. The stock opened at Rs 1,597.00, hit a high of Rs 1,602.00 and a low of Rs 1,554.55.
Divi's Laboratories Limited fell by 2.29% with the LTP at Rs 4,833.40. The stock opened at Rs 4,920.10, reached a high of Rs 5,024.85 and a low of Rs 4,823.00
We monitor these indices to determine if this downtrend will continue or if it is a temporary correction before a potential bullish recovery. Possible target points for both indices remain at the ascending trendline below the current market price.
