Markets at 5-month low: Sensex erases 2,110 pts, Nifty slips 600 pts in 3 days
1 min read . Updated: 13 Mar 2023, 05:41 PM IST
Premium- On Monday, except for Tech Mahindra, all other major stocks on Sensex were in the red. IndusInd Bank, SBI, M&M, Infosys, Bajaj Finserv, and Axis Bank were the top losers. Heavyweight Reliance Industries also hit a new 52-week low before ending lower by 1.7%.
The start of the week was a bloodbath for Indian markets on Monday as Sensex and Nifty plummeted by around 1.5% each. The sharp selloff in global cues dragged domestic equities after the US banks' failure saga. India's volatility index skyrocketed by nearly 21%, making it the largest single-day upside in a year. Due to the steep bearish tone, Indian benchmarks are at a five-month low. The benchmarks have been in red for three consecutive days.
Sensex closed at 58,237.85 down by 897.28 points or 1.52%. While Nifty 50 plunged by 258.60 points or 1.49% to end at 17,154.30.
In the broader market, on BSE, Midcap, and SmallCap indexes shed over 1.8% and 2% respectively.
Meanwhile, in terms of sectoral indices, banking stocks were the worst hit. BSE Bankex slipped by nearly 1,028 points or 2.24%. Nifty Bank shed 920.75 points or 2.27%.
All sectoral indices were in the red with a downside between 1% to 2%. Only the power sector saw a marginal downside. IT index on BSE dropped by nearly 359 points, while the Auto index dipped by 587 points, Capital Goods dropped by 529 points, and the Consumer durables index fell by 543 points.
Except for Tech Mahindra, all other major stocks on Sensex were in the red. IndusInd Bank, SBI, M&M, Infosys, Bajaj Finserv, and Axis Bank were the top losers. Heavyweight Reliance Industries also hit a new 52-week low before ending lower by 1.7%.
In three trading sessions, Sensex has nosedived by 2,110.24 points and Nifty 50 dropped by 600.1 points.