Sensex, Nifty Slide for Third Day as Valuations, Selling Pressure Mount

13 Mar 2024 , 01:37 PM

On March 13, benchmark indices Sensex and Nifty50 experienced a continuation of losses, slipping to the day’s low as early gains dissipated. The Sensex, in particular, dipped close to the 22,100 level, with significant declines driven by heavyweight stocks like Reliance and L&T, despite some upticks seen in ITC shares following a notable block deal earlier in the day. The ongoing selloff in the broader market further accentuated a downward trend, marking the third consecutive session of decline, as certain market analysts voiced concerns regarding elevated valuations.

At 1 PM, the Sensex recorded a decline of 568.06 points or 0.77%, standing at 73,099.90, while the Nifty was down by 215.00 points or 0.96% at 22,120.70. Market activity showed 311 shares advancing, 3,038 declining, and 39 remaining unchanged.

Except FMCG, all other sectoral indices were seen trading in the negative territory. Furthermore, the broader market indices, namely the BSE Midcap and Smallcap indices, witnessed declines ranging between 2.5% to 3.5%.

Key Nifty gainers included ITC, ICICI Bank, Kotak Mahindra Bank, and Bajaj Finance, whereas notable losers encompassed Adani Enterprises, Power Grid Corp, Adani Ports, NTPC, and Coal India.