D-Street: Sensex, Nifty plunges in early trade

Mar18,2024



New Delhi: Equity benchmark indices, Sensex and Nifty fell in early trade on Monday. The Sensex was down 103.34 or 0.14% at 72,540.09. nifty Was at 21,977.45.
Tata Steel, Bharti Airtel, M&M, NTPC, Bajaj Finance are among the top Sensex gainers while SBI, Maruti Suzuki, Hindustan Unilever, ICICI Bank are the top losers.
Sensex and Nifty fell by more than half a percent on Friday following significant losses in oil and gas, auto and energy stocks due to continued foreign capital outflow. Traders noted that concerns over mid- and small-cap stocks further weighed on investor sentiment. And the overall market. 30-share BSE The Sensex closed at 72,643.43, down 453.85 points or 0.62 percent from its opening level. At one point during the day, the benchmark fell 612.46 points or 0.83 per cent to 72,484.82. NSE Nifty also saw a decline of 123.30 points or 0.56 per cent and closed at 22,023.35.
During the week, both the BSE and NSE benchmarks witnessed significant declines. The BSE benchmark fell 1,475.96 points or 1.99 per cent, while the NSE Nifty fell 470.2 points or 2.09 per cent. Besides, the BSE Smallcap index declined by 2,640.82 points or 5.91 per cent and the Midcap index fell by 1,602.41 points or 4 per cent.
Vinod Nair, head of research, Geojit Financial Services, said, “Caution towards mid- and small-caps continued to weigh on market sentiment, which in turn impacted the broader market. However, with softening global commodity prices and India's GDP growth for FY25, the market is likely to rebound supported by strong domestic demand as it stabilises.'
M&M was the top gainer on the Sensex, falling 4.75 per cent, followed by Tata Motors, NTPC, HCL Technologies, Larsen & Toubro, Infosys, Tech Mahindra and State Bank of India. Reliance Industries, a company with a heavy weight in the index, also declined by about 1 percent. On the positive side, Bharti Airtel, Bajaj Finance, Maruti, Bajaj Finserv, Tata Consultancy Services and IndusInd Bank were among the gainers.
In the broader market scenario on Friday, the BSE midcap gauge witnessed a marginal decline of 0.51 per cent, while the smallcap index witnessed a marginal rise of 0.25 per cent.
“Domestic equities mirrored global trends as profit-booking took place in weak US and Asian markets, resulting in selling in auto, oil and gas, banking and power stocks,” said Prashant Tapase, senior VP (research), Mehta Equities Ltd. “Recent weak economic indicators related to inflation and IIP numbers have added to the bearish sentiment.”
Among sectoral indices, Oil & Gas witnessed a decline of 2.24 per cent, Energy witnessed a decline of 1.95 per cent, Auto witnessed a decline of 1.74 per cent, Capital Goods witnessed a decline of 1.25 per cent, Consumer Discretionary witnessed a decline of 0.57 per cent, IT witnessed a decline of 0.55 per cent. Went. Bankex rose 0.50 percent and financial services rose 0.32 percent. In contrast, goods, telecommunications and services saw gains.
The government approved an electric-vehicle policy aimed at attracting major global players like US-based Tesla, providing duty concessions to companies investing a minimum of USD 500 million in manufacturing units in India. Companies setting up e-vehicle manufacturing facilities will be allowed to import a limited number of cars at lower customs duties.
In the global market scenario, Asian markets like Seoul, Tokyo and Hong Kong closed with losses, while Shanghai closed with a positive trend. European markets saw slight gains and US markets closed with a negative trend. Foreign institutional investors (FIIs) sold equities worth Rs 1,356.29 crore on Thursday.
Global oil benchmark Brent crude fell to US$84.84 a barrel and India's exports rose 11.9 per cent to US$41.4 billion in February, the highest value in the current fiscal year. However, the trade deficit stood at US$18.7 billion, with imports at US$60.1 billion, 12.16 per cent higher than in February 2023.
State-owned oil companies on Thursday cut petrol and diesel prices by Rs 2 per liter each, after almost two years of unchanged rates. The BSE benchmark closed 335.39 points or 0.46 per cent higher at 73,097.28, while the NSE Nifty closed 148.95 points or 0.68 per cent higher at 22,146.65.



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