A morning walk down Dalal Street | Investors should maintain cautious stance

Weak global cues pushed the bears back in charge for D-Street. It wiped out gains made in the previous session and pushed the index below 200-DMA placed at 10752 levels.

The final tally on D-Street looked like: S&P BSE Sensex plunged 300 points to close at 35,474 while the Nifty50 was down by 107 points to end at 10,656. 

Correction in crude oil prices and consistent appreciation in INR vs USD is encouraging but liquidity concerns amongst NBFCs and uncertainty in the upcoming state elections is likely to keep volatility high.

Analysts advise investors to maintain a cautious stance on the markets in near term and be selective while picking stocks. 

Technically, it saw a touch-and-go moment with its long term moving average placed at 10752.

It slipped below its crucial moving averages such as 100, 50, as well as 5-EMA.