Indian Stock Markets Plunge as Profit Booking and Global IT Outage Weigh; YES Bank, Adani Power, and Vedanta in Focus

The Indian stock market indices fell sharply on Friday due to profit booking ahead of the Union Budget and a global IT outage. The BSE Sensex dropped 738.81 points to 80,604.65, and the Nifty50 index fell 269.95 points to 24,530.90. YES Bank, Adani Power, and Vedanta are notable stocks. Analysts provide insights on these stocks, recommending buying YES Bank, waiting on Adani Power, and avoiding Vedanta.

Key Points:

1. Market Decline: Indian stock indices dropped significantly due to profit booking and a global IT outage.
2. Index Performance: BSE Sensex fell by 738.81 points to 80,604.65, and Nifty50 dropped by 269.95 points to 24,530.90.
3. YES Bank Analysis: Recommended as a buy with a target price of Rs 30 and a stop loss at Rs 21.75 due to weakening bearish pressure and supportive technical indicators.
4. Adani Power Analysis: Suggested to wait and watch, as it hovers near support levels and has shown bearish indicators, needing to close above Rs 746 for a bullish outlook.
5. Vedanta Analysis: Advised to avoid due to a triple top pattern and bearish divergence, with a potential buy opportunity only after a significant correction to around Rs 400.