Sensex sinks 617 pts, Nifty ends at 22,333; BSE SmallCap, SBI tank 2% each
Stock market highlights on March 11, 2024: Sensex, Nifty end with sharp losses; BSE smallcap index, SBI sink 2 per cent each
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Stock market highlights on March 11, 2024: Equity benchmark indices started the week on a dismal note, ending Monday's session with sharp losses ahead of key CPI inflation data both in India and the US on Tuesday. The BSE Sensex plunged 617 points to end at 73,503. The Nifty50 shed 161 points to close at 22,333.
Most largecaps closed in red with Tata Steel, Power Grid, SBI, HUL, Tata Consumer, Bajaj Auto, IndusInd Bank, Tata Motors and NTPC leading the decline with 1-3 per cent losses.
The sentiment was soured in the broader markets as well after reports said that Sebi may revise rules for mutual funds investing in small-cap stocks amid concerns of overheating in this segment. Read
As a result, the Smallcap index on BSE nosedived 2 per cent. The BSE MidCap index ended 0.24 per cent lower.
The fall was aggravated after the Supreme Court dismissed SBI's plea, directing it to fetch details of electoral bonds by Tuesday, March 12. The stock lost nearly 2 per cent. Read here
The sentiment was soured in the broader markets as well after reports said that Sebi may revise rules for mutual funds investing in small-cap stocks amid concerns of overheating in this segment. Read
As a result, the Smallcap index on BSE nosedived 2 per cent. The BSE MidCap index ended 0.24 per cent lower.
Among sectors, Nifty Healthcare was the only gainer, which closed 0.45 per cent. Nifty Media lost 3 per cent. Nifty Bank, PSB, Metal, Realty and Oil & Gas pockets ended over 1 per cent lower.
3:45 PM
Views by: Vinod Nair, Head of Research, Geojit Financial Services
Comment :: What all happened in the markets today?
Continued selloff in global markets due to uncertainty over rate cuts impacted the domestic market sentiment, which is currently at an overbought level.
The stronger than expected US nonfarm payroll data and caution ahead of the release of US inflation data tomorrow kept investors on the edge.
The broader market continued its underperformance due to valuation concerns, while investors are rebalancing their portfolios to include safe haven assets like gold.
The stronger than expected US nonfarm payroll data and caution ahead of the release of US inflation data tomorrow kept investors on the edge.
The broader market continued its underperformance due to valuation concerns, while investors are rebalancing their portfolios to include safe haven assets like gold.
Views by: Vinod Nair, Head of Research, Geojit Financial Services
3:44 PM
Tech View :: To resume uptrend towards all-time high levels, Bank Nifty must surpass this level
The Bank Nifty index encountered strong resistance from bears at higher levels, prompting a downside move. Immediate support for the index is at 47,000-46,800 levels, and a decisive close below this range could intensify selling pressure. To resume the uptrend towards all-time high levels, the index must decisively surpass the mark of 47,700.
Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
3:43 PM
Tech View :: 'Nifty may slide to 22,200 in near-term'
Nifty has been fluctuating within an ascending channel, displaying a pattern of higher highs and higher lows.
The overall trend continues to be bullish, although there is currently an intermediate corrective phase in progress.
In the short term, Nifty could experience weakness, possibly leading to a decline toward the range of 22,200-22,250. Looking at the upside, immediate resistance is identified at 22,400 based on closing prices.
Views by: Rupak De, Senior Technical Analyst, LKP Securities.
The overall trend continues to be bullish, although there is currently an intermediate corrective phase in progress.
In the short term, Nifty could experience weakness, possibly leading to a decline toward the range of 22,200-22,250. Looking at the upside, immediate resistance is identified at 22,400 based on closing prices.
Views by: Rupak De, Senior Technical Analyst, LKP Securities.
3:41 PM
Market Breadth extremely weak; Over 3,000 stocks decline on BSE
3:38 PM
BSE SmallCap Heatmap :: Index slides 2%; Sigachi, Tata Chem among top losers
3:37 PM
BSE MidCap Heatmap :: Index ends 0.24% lower
3:36 PM
Sectoral trends :: Markets witness broad-based selling; Pharma index ekes out tepid gains
3:35 PM
Sensex Heatmap :: Power, financial stocks weigh on frontline indices
3:33 PM
Closing Bell :: Nifty ends below 22,350
3:32 PM
Closing Bell :: Sensex drops over 600 pts in fag-end
Topics : Stock Market MARKET LIVE Markets Market news Indian stock markets stock markets S&P BSE Sensex Nifty50 Global Markets Markets Sensex Nifty MARKETS TODAY
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First Published: Mar 11 2024 | 8:05 AM IST