Indian market slumps as Sensex dips by 906, Nifty down 338 points
THE JHARKHAND STORY DESK Advertisement Mumbai, March 13: Investors were alarmed by broad-based selling and the ongoing disaster in mid and…
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THE JHARKHAND STORY DESK
Mumbai, March 13: Investors were alarmed by broad-based selling and the ongoing disaster in mid and small-cap stocks on Wednesday, which caused the Indian market to close sharply lower.
The broad-based Nifty closed 338.00 points, or 1.51 percent, lower at 21,997.70, while the 30-pack Sensex was down 906.07 points, or 1.23 percent, at 72,761.89 at the closing.
Despite a modest Consumer Price Index (CPI) data and consistent growth in industrial production, Indian benchmarks initially opened on a positive trajectory.
However, they couldn’t sustain the gains as selling pressure escalated in the latter half of the session, causing the Nifty to dip below the 22,000 mark.
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Adani Enterprises, Coal India, Adani Ports, Power Grid Corporation, and NTPC were the top Nifty losers, whilst ITC, UltraTech Cement, HCL Technologies, Kotak Mahindra Bank, and ICICI Bank were the top gainers.
Except for the IT sector, all other sectoral indices closed lower, with realty, media, PSU banks, telecom, power, oil & gas, and metals witnessing declines ranging from 4-6 percent.
The broader indices displayed weaker performance compared to the main indices, with the BSE Midcap index experiencing a 4 percent decline, marking its sharpest drop since December 2021. Similarly, the Smallcap index saw a significant plunge of 5 percent, representing its most substantial decline since February 2022.
