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

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 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

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.

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

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.

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

3:25 PM

RBI buying dollars via state-run banks amid persistent foreign inflows

"The RBI has been pretty active to ensure that the dollar inflows are absorbed and the rupee's rise does not become very dramatic," said a trader with a state-run bank. READ MORE

3:11 PM

Market Check :: Sensex slides 600 pts in fag-end

3:01 PM

ALERT: TVS Motor declares interim dividend of Rs 8; sets March 19 as record date

The board has declared an interim dividend of Rs 8 per share (800 per cent) on 475 million equity shares of Rs 1 each fully paid up, absorbing a sum of Rs 380 crore for FY24.

2:49 PM

IndiGo soars 8% from day's low on Rakesh Gangwal's likely large block deal

Shares of InterGlobe Aviation- the parent firm of IndiGo – jumped 5 per cent on BSE to an intra-day high of Rs 3,262 in Monday’s trade after over 20 million shares of the airline changed hands via a block deal. With this, the stock bounced back 8 per cent from its intra-day low of Rs 3,015.10. Read

2:37 PM

Sebi may review rule for mutual funds targeting overheated small caps

India’s markets regulator Monday said it is open to revising rules for mutual funds investing in small-cap stocks amid rising concerns about stretched valuations for this segment.
 

The Securities and Exchange Board of India will review its rule that mandates small- and mid-cap funds to invest at least 65 per cent of their assets in such stocks if fund managers find it is “restraining risk management,” Chairwoman Madhabi Puri Buch told reporters in Mumbai. Read