March 13, 2023
New Delhi, India
The Indian stock market witnessed a sharp downturn, with both Sensex and Nifty experiencing substantial losses. All sectoral indices closed in the red, reflecting a broad-based sell-off across various segments. Here’s a detailed overview of the market performance, key highlights, and factors influencing the downward trend.
Key Highlights:
- Sensex and Nifty Performance: The Sensex plummeted by 906.07 points, closing at 72,761.89, while the Nifty declined by 338.00 points, settling below the 22,000 mark at 21,997.70. The significant drop in major indices reflects the prevailing bearish sentiment in the market.
- Sectoral Performance: All sectoral indices concluded the trading session in negative territory. Sectors such as Realty, Media, PSU Bank, Telecom, Power, Oil & Gas, and Metals recorded declines exceeding 5 percent each, indicating widespread selling pressure across the market.
- Broader Market Trends: The broader market indices, including Nifty Midcap 100 and Nifty Smallcap 100, also witnessed substantial declines of up to 5 percent, reflecting the pervasive nature of the market downturn.
- Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs): FIIs were net buyers, acquiring shares worth ₹73.12 crore, while DIIs purchased stocks amounting to ₹2,358.18 crore. Despite institutional buying, the market sentiment remained subdued.
- NSE F&O Ban List: Several stocks, including National Aluminium Company, Piramal Enterprises, Aditya Birla Fashion & Retail, Hindustan Copper, among others, were included in the NSE F&O ban list for March 13, indicating regulatory actions in response to market volatility.
- Global Market Trends: The Indian market mirrored the sobering sentiment in global markets, influenced by concerns over potential delays in the US Federal Reserve’s rate cut and uncertainties surrounding economic policy decisions. Asian markets experienced similar declines, further exacerbating the negative sentiment.
- Sectoral Losers: The Nifty Metal index registered the highest decline, followed by Media, Realty, Oil & Gas, Auto, and Consumer Durables sectors. Notably, none of the sectoral indices, except FMCG, ended the day in green, underscoring the broad-based nature of the market downturn.
Also Read: Aditya Birla Capital and Aditya Birla Finance Announce Merger to Form Unified NBFC Giant
Closure:
The market’s sharp decline reflects prevailing uncertainties and investor apprehensions, both domestically and globally. While institutional buying provided some support, the pervasive sell-off across sectors indicates prevailing bearish sentiment. Investors are advised to remain cautious and monitor market developments closely amidst ongoing volatility.
Also Read: The Power of AI in Fintech: Behind the Secrets of Algorithmic Trading
Disclaimer:
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.
