HomeMarketsIndian MarketsMarket Today: Sensex down over 300 pts, Nifty below 17,000

Market Today: Sensex down over 300 pts, Nifty below 17,000

After various fluctuations, the stock market has now finally closed where Sensex was down 300 points and the Nifty index has fallen below 17,000. With an optimistic belief that Nifty would bounce back, the market opens on March 15th. The price of gold was seen to rise by Rs. 10 while the value of silver remain unchanged. All eyes were fixated specifically on Cipla, Axis Bank, PNC Infratech, RailTel, and Glenmark Pharma.

In the pre-open session, Sensex zooms over 350 pts and Nifty above 17,150. At the opening bell, bulls drive Sensex over 500 pts higher and the Nifty atop 17,150 with 46 stocks in the green. As the day further progresses, 28 of 30 index constituents rally; Bharti Airtel falls 2%, and Titan gains 2%. Observations of the sectoral trends revealed that all indices had advanced around one per cent each.

The private-sector lender, Axis Bank, saw a 0.7% increase as CRISIL Ratings reaffirmed a ‘stable’ rating on their debt instruments. The rating agency cited the bank’s strong capitalisation, market position, and resource profile as the main factors behind the overall ratings. PVR saw their stock go up by one per cent following their announcements of adding 200 screens year-or-year.

Texmaco Rail’s stock gained 3% after its board approved the transfer, assignment, restructuring, or conveying of its entire or substantially entire rail EPC business, which includes Kalindee Rail and Bright Power, through a slump sale to two separate wholly-owned subsidiaries. Shares of GMR Airport Infra rose by 2% after its subsidiary, GMR Hyderabad International Airport, raised Rs 840 crore through the issuance of non-convertible debentures.

According to charts, 45 stocks including RIL and Mphasis have hit new 52-week lows, and it appears that there may be further losses ahead. The technical analysis suggests that Reliance Industries, which is a heavy-weight stock, has breached a critical support level of Rs 2,300, leading to concerns about possible future declines.

Among the BSE 500 stocks, Alok Industries experienced the highest gain of 9% on Wednesday. Following closely behind were Hikal, KPIT Technologies, Varroc Engineer, and Gland Pharma, each showing gains of 5-7%. As the day progressed, Sensex was down 45 points erasing over 550-point gain.

LIC has sold a portion of its holdings in NMDC, reducing its stake from 13.70% to 11.69% between December 12, 2022, and March 14, 2023. The sale was conducted through open market transactions at an average price of Rs 119.37 per share, according to a statement released by the company. Technocraft Industries hits a record high as the stock zooms to 40% in five weeks. Nifty is declared to give 17K intra-day. And Sensex cracks at nearly 350 points as the market approaches closing.

In a sectoral analysis, it was observed that most indices have reverse gains and Metal, Pharma indices buck weakness. BSE was recorded at 500 points as Swan Energy, SPARC, and Brightcom Group were among the top losers. At the closing bell, Sensex drops for the 5th day amid SVB fallout, ends over 300 pts down and Nifty breaks below 17,000.

Priyanshi Mishra
Priyanshi Mishra
Priyanshi Mishra is a student of MA in Economics at the University of Lucknow. She has strong communication and content-writing skills.
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