Benchmark indices started the session on a positive note, but the selling intensified during afternoon trade, with all sectoral indices ending in the red. File
| Photo Credit: The Hindu

Equity benchmark index Sensex on March 13 crashed over 900 points to sink below the 73,000 level due to widespread selling pressure amid a sharp fall in smallcap and midcap indices.

Besides, deep losses in utility, energy and metal stocks and recent selling by foreign investors added to the gloom, analysts said.

Benchmark indices started the session on a positive note, but the selling intensified during afternoon trade, with all sectoral indices ending in the red.

The 30-share index tanked 906.07 points or 1.23% to settle at 72,761.89. During the day, it dropped 1,152.25 points or 1.56% to 72,515.71.

The Nifty plummeted 338 points or 1.51% to 21,997.70.

Power Grid was the biggest loser in the Sensex pack, sliding over 7%, followed by NTPC, Tata Steel, Tata Motors, JSW Steel, Bharti Airtel, Titan, Reliance Industries and Hindustan Unilever.

In contrast, ITC, ICICI Bank, Kotak Mahindra Bank, Nestle, Bajaj Finance and HDFC Bank were the gainers.

“In contrast to the global uptrend, the unfavourable risk-reward balance of mid and smallcap stocks, fuelled by prolonged premium valuations, has aggravated the downfall. Meanwhile, FMCG and contrarian plays like gold are offering some refuge. Other than the premium valuation no fundamental issue is noticed to drawback the long-term growth image of domestic midcaps,” said Vinod Nair, Head of Research, Geojit Financial Services.

In the broader market, the BSE smallcap gauge tanked by 5.11%, while the midcap index declined by 4.20%.

In Asian markets, Seoul settled in the green, while Tokyo, Shanghai and Hong Kong ended lower.

European markets were trading mostly in the green. The U.S. markets ended with significant gains on March 12.

Foreign Institutional Investors (FIIs) bought equities worth ₹73.12 crore on March 12, according to exchange data.

Global oil benchmark Brent crude climbed 1.09% to $82.81 a barrel.

India’s industrial production growth slowed to 3.8 per cent in January, while the February retail inflation at 5.09% remained within the Reserve Bank’s comfort zone for the sixth straight month, according to the latest government data.

The BSE benchmark ended 165.32 points or 0.22% higher at 73,667.96 on March 12. The Nifty ended flat at 22,335.70, up 3.05 points or 0.01%.

In the Sensex pack, 20 stocks ended in the red while 37 of the Nifty constituents closed the session with losses. File
| Photo Credit: PTI

Equity benchmark indices Sensex and Nifty broke their six-day winning run on February 21 and settled with a steep fall amid fag-end selling triggered by a rush for profit booking and mixed global cues.

The 30-share benchmark Sensex stayed mostly firm during intra-day but settled 434.31 points or 0.59% lower at 72,623.09 points. It touched the intra-day low of 72,450.56, down 0.83% from previous closing level of 73,057.40 points.

Similarly, the broader Nifty also paired all its intra-day gains before closing 141.90 points or 0.64% down at 22,055.05 points. The 50-share barometer had hit a lifetime peak of 22,196.95 points on February 20 and remained mostly in the upward trajectory on February 21.

In the Sensex pack, 20 stocks ended in the red while 37 of the Nifty constituents closed the session with losses.

NTPC was the biggest loser among the Sensex constituents, ending with a loss of 2.71%. It was followed by PowerGrid, Wipro, HCLTech, L&T and Tech Mahindra.

In contrast, Tata Steel, SBI, JSW Steel and IndusInd Bank closed in the positive territory. Tata Steel gained 1.99% and SBI ended 1.51% higher.

Vinod Nair, Head of Research at Geojit Financial Services, said the Indian market is facing stiff resistance at higher levels and the valuation of a broader index is at a significant premium, leading to an unfavourable risk reward, which influences investors to book profits.

“Global markets treaded cautiously awaiting the US Federal Reserve (meeting) minutes while Chinese markets were buoyed by policy interventions.

“Concerns lingered since investors were heavily betting on a US Fed rate cut, which is put at risk by January’s higher-than-expected inflation.” he noted.

Brent crude futures, the global oil benchmark, declined 0.68% to $81.78 per barrel.

Asian stocks witnessed mixed trends while European markets were trading largely in the negative zone. The U.S. stocks ended Tuesday’s session with losses.

On February 20, Sensex continued its upward movement for the sixth straight session and jumped 349.24 points to close at 73,057.40 points while Nifty went up 74.70 points to end the day at 22,196.95 points.

Foreign Institutional Investors (FIIs) were net sellers on February 20 as they offloaded securities worth ₹1,335.51 crore, according to exchange data.