Markets Drop Despite Pockets of Gain: Sensex Down 0.83%, Nifty Slips 0.72%

11 Mar 2024 , 03:45 PM

Amidst negative global cues, Indian benchmark indices witnessed significant declines on Monday.

The Sensex, which commenced the day at 74,175.93 and plunged to a low of 73,433.91, managed to recover slightly to settle at 73,502.64, registering a decrease of 616.75 points, or 0.83%.

Similarly, the Nifty 50, opening at 22,517.50, experienced a dip to 22,307.25 intraday. Ultimately, it concluded the session at 22,332.65, marking a decline of 160.90 points, or 0.72%.

Leading the downtrend on the Sensex were Power Grid Corp., Tata Steel, SBI, IndusInd Bank, and NTPC. Conversely, Nestle India, Bajaj Finserv, Bajaj Finance, Asian Paints, and JSW Steel emerged as the top gainers by the session’s end.

On the Nifty 50, Apollo Hospital Enterprises, Nestle India, SBI Life, Cipla, and Dr. Reddy’s were among the top performers. Conversely, Tata Consumer Products, Power Grid Corp., Bajaj Auto, Tata Steel, and SBI were the prominent losers.

The negative sentiment also permeated through various sectoral indices, with most heavyweight indices closing in the red. The Bank Nifty witnessed a decline of 1.06%, while the Metal index fell by 1.44%. Realty and Oil & Gas indices also experienced drops of more than 1%, whereas the Media index saw a substantial decline of 2.91%. Sectors like Auto, Financial Services, FMCG, and IT recorded losses, while Pharma and Healthcare emerged as the only sectors to conclude the day positively.

The broader market echoed the bearish sentiment, with the BSE SmallCap index declining by 2.01% and the BSE MidCap index by 0.24%.