97 of BSE 500 hit 52-wk low

New Delhi: The market mayhem on Thursday pulled down as many as 97 stocks from the BSE 500 index to their 52-week low levels as investors pressed the panic button after Russia launched a military offensive against Ukraine. Overall, the market crash has pulled down nearly 279 stocks to their respective one-year lows on the BSE.

"Investors turned jittery and pressed the panic button after reports emerged that Russia has taken military action against Ukraine. As the mood was sombre across the global equity markets, traders back home also followed suit and pressed the sell button, resulting in across-the-board selling," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd. The F&O expiry pressure also gave investors a reason to cut their positions further amid escalating geopolitical tensions.

"Considering the uncertainties hovering around, the index may trade lower between the highs of 16,800 and 16,000. The market is in corrective mode and it would complete its corrective pattern between 16200 and 16000. For the traders, 16400 and 16500 could act as intraday resistance while 16100-16000 could be the immediate support zone," Chouhan added.