Stock market today: Sensex falls over half a per cent, Nifty 50 ends near 22k; smallcaps outperform
Stock market today: The Indian stock market benchmarks, including the Nifty 50 and the Sensex, closed with notable losses on Friday, March 15. Investors exercised caution amidst persisting concerns regarding elevated valuations and market froth in certain segments, prompting profit-taking activities following the substantial gains seen in the previous session.
The prevailing sentiment was further dampened by weak global cues. Investors are now closely eyeing the upcoming Fed meeting scheduled for next week, anticipating insights into the central bank’s perspectives on growth and inflation. Investors also expect hints on the timing and the extent of potential rate cuts.
Amidst this, India’s robust domestic macro outlook persists, reinforcing its status as an appealing destination for long-term investment gains. Consequently, analysts have been advocating the acquisition of high-quality stocks following the market downturn.
Fitch Ratings raised India’s GDP growth estimates for FY24 and FY25 on Thursday, citing growing domestic demand and improved business and consumer confidence.
The ratings agency raised the FY24 estimate to 7.8 per cent from 6.9 per cent in December 2023, and the FY25 estimate to 7 per cent, from 6.5 per cent a quarter ago.
Also Read: Fitch raises India GDP growth estimate for FY24 to 7.8%
Nifty 50 opened at 22,064.85 against its previous close of 22,146.65 and touched its intraday high and low of 22,120.90 and 21,931.70 respectively. The index ended the day at 22,023.35, down 123 points, or 0.56 per cent.
The Sensex opened at 72,886.77 against the previous close of 73,097.28 and touched its intraday high and low of 72,998.07 and 72,484.82 respectively. The index closed with a loss of 454 points, or 0.62 per cent, at 72,643.43.
Mirroring the trend in the benchmark index, the BSE Midcap index also ended in the red, falling 0.51 per cent. However, the BSE Smallcap index defied the market trend and ended with a gain of 0.25 per cent.
The overall market capitalisation of the firms listed on the BSE dropped to nearly ₹378.4 lakh crore from nearly ₹380 lakh crore in the previous session, making investors lose about ₹1.6 lakh crore in a single session.
Top gainers in the Nifty 50 index today
Only 11 stocks ended with gains in the Nifty 50 index today, among which shares of UPL (up 3.18 per cent), Bharti Airtel (up 1.62 per cent) and HDFC Life Insurance Company (up 1.53 per cent) closed as the top gainers.
Top losers in the Nifty 50 index today
Shares of Mahindra and Mahindra (down 4.99 per cent), BPCL (down 4.15 per cent) and Coal India (down 2.85 per cent) closed as the top losers in the Nifty 50 index.
Sectoral indices today
While Nifty Metal and FMCG indices ended flat, all other sectoral indices ended in negative territory.
Nifty Oil & Gas (down 1.98 per cent) and Auto (down 1.57 per cent) ended as the top losers among the sectoral indices.
Nifty Bank index fell 0.42 per cent. Nifty PSU Bank and Private Bank indices ended 0.35 per cent and 0.04 per cent lower, respectively.
(More to come)
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Published: 15 Mar 2024, 03:31 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.