Indian Markets Drop as Global Uncertainty Rises; Gold Prices Slide

19 Mar 2024 , 01:53 PM

Indian benchmark indices faced significant losses on Tuesday, influenced by negative cues from global markets. The Sensex traded at Rs 72,146, marking a decline of 0.83%, while the Nifty traded at Rs 21,867, indicating a 0.85% dip compared to the previous close.

BSE midcap and Smallcap indices both declined by 1%. Across sectors, Healthcare, IT, FMCG, Capital Goods, realty, Oil & Gas, and power sectors all experienced a 1% decrease.

Gold prices saw a decrease on Tuesday, attributed to a stronger dollar and anticipation surrounding the U.S. Federal Reserve policy meeting. Spot gold dropped by 0.2% to $2,156.67 per ounce, while U.S. gold futures also eased by 0.2% to $2,159.80.

Top gainers on the Nifty 50 included Bajaj Finance, Bharti Airtel, Bajaj Auto, Hindalco, and Kotak Mahindra Bank, while Nestle India, BPCL, Tata Consumer Products, TCS, and Cipla were among the top drags.

The dollar strengthened by 0.2% to a nearly two-week high, resulting in increased costs for gold buyers using other currencies.

Foreign institutional investors (FIIs) sold shares worth ₹2,051.09 Crore, while domestic institutional investors (DIIs) purchased shares worth ₹2,260.88 Crore on March 18, according to provisional data from the NSE.

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