Sensex plunges 906 pts, Nifty below 22K; Investors lose Rs 21 trn in 3 days

Stock market highlights on March 13: The BSE m-cap has plummeted by Rs 20.69 trillion in three days

Closing Bell on March 13: It was a sea of red on Dalal Street on Wednesday as investors were left looking for cover in a broad-based sell-off. 

The S&P BSE Sensex plunged 906 points, or 1.23 per cent, to end at 72,762 levels, while the Nifty50 broke below the 22,000-mark to end at 21,998, down 338 points or 1.5 per cent.

The indices hit intraday lows of 72,516 and 21,906, respectively.

The meltdown was stronger in the broader markets where the BSE MidCap and SmallCap indices sunk 4.2 per cent and 5.1 per cent, respectively.

With this, the BSE m-cap has plummeted by Rs 20.69 trillion in three days.

Among sectors, the Nifty Media, and Metal indices tumbled 5.6 per cent each, the Nifty Realty index 5.3 per cent, and and the Nifty Auto 2.8 per cent.  

4:02 PM

Tech View :: 'Nifty may remain under pressure in near-term'

The Nifty has experienced a breakdown from a rising channel on the daily chart, signaling the conclusion of the previous uptrend and the potential beginning of a downtrend. Additionally, the index has descended below the recent consolidation phase on the daily timeframe, further emphasizing the increasing weakness.

The Relative Strength Index (RSI) with a period of 14 is showing a bearish crossover and has dropped below the 50-mark. In the short term, the index may continue to be susceptible to selling pressure with resistance anticipated around 22,250. On the downside, support levels are positioned at 21,800 and 21,700.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:49 PM

Comment :: 'Use rebound to create short positions'

It is a double whammy for participants as Nifty has slipped below its immediate support of short-term moving average i.e. 20 DEMA and also breached the trendline support.

Midcap and Smallcap space are already under tremendous pressure. We suggest maintaining negative bias in the index now and utilizing rebound to create short positions.

At the same time, traders shouldn’t add to their loss-making positions and prefer index majors over others.  

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

3:48 PM

Comment :: 'FMCG, contrarian plays like gold offering some refuge'

In contrast to the global uptrend, unfavourable risk-reward balance of mid and small-cap 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.

 

Globally, the persistent US inflation rate has cast doubt on the Fed's ability to implement imminent rate cuts. While domestic inflation appears to be showing signs of easing. However, the easing trend in global commodity prices may prompt central banks to consider rate cuts in the latter half of 2024, which could be positive for equity.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

3:45 PM

Currency check :: Ruoee ends 9 paise weak vs US dollar

3:44 PM

Broader markets :: Broader indices underperform; SmallCap index drops 5%

3:43 PM

Sectoral trends :: Metal, Media indices sink over 5% each

3:42 PM

Sensex Heatmsp :: Power, mettal stocks hammer indices; ITC, banks support

3:40 PM

CLOSING BELL :: Nifty ends below 22,000

3:38 PM

CLOSING BELL :: Sensex slides 906 pts on Wednesday

3:25 PM

Coal ministry will fulfill 874 mn tonnes coal requirement in FY25: Govt

Their (power ministry's) demand has been met. They had asked for 821 million tonnes and it has been supplied, the Minister said. READ MORE

3:10 PM

Bear Hammering: Paytm, Adani Power among 1,010 stocks at lower circuit

Of these 1,010 stocks, more than half or 697 stocks were from the XT (387), T (250), MT (25) and Z (35) segment on the BSE. T group shares are securities that are put into the Trade to Trade segment by the BSE. These stocks are not allowed for intraday trading. The T2T stocks can only be delivery based i.e. the buyer has to take the delivery of these shares. READ MORE

2:56 PM

Broader market check

2:36 PM

99 out of 100 Nifty small cap 100 firms see dip

2:33 PM

98 out of 100 Nifty midcap firms in red

2:17 PM

Alert: Nifty small cap and Nifty mid cap down by 4% each