Market Update: Nifty Hits 1-Month Low; Sensex Turns Negative for 2024

Indian benchmark indices, Sensex and Nifty, plunged by 1% each on Tuesday, March 19, impacted by a substantial sell-off in TCS, Infosys, and Reliance Industries. This decline was further exacerbated by weak Asian markets and fresh foreign fund outflows.

Gift Nifty Future trading at 21,860.00 as on 19-Mar-2024 17:18:55 made high 22,085.00 and low 21,852.50 today. Today Gift Nifty Trends shows bearish as we can see below in Gift Nifty Live chart

The 30-share BSE Sensex closed at 72,012.05, down 736.37 points or 1.01%, marking its lowest level in a month. The NSE Nifty also slumped by 238.25 points or 1.08% to close at 21,817.45.

More than 40 Nifty stocks witnessed a decline, with the IT and FMCG sectors being the major contributors to the benchmark index’s downward trend.

In terms of sectoral performance, all indices ended in the red, with IT, Media, and Pharma sectors facing the most significant losses. The market breadth was heavily tilted towards declines.

Key laggards included IndusInd Bank, Wipro, Nestle, HCL Technologies, Infosys, Power Grid, ITC, Tech Mahindra, Tata Motors, and UltraTech Cement. On the other hand, Bajaj Finance, Kotak Mahindra Bank, HDFC Bank, Bajaj Finserv, Titan, and Bharti Airtel were among the gainers.

Tata Consultancy Services (TCS) witnessed its largest single-day decline in two years due to a substantial block deal worth ₹9,000 crore. Oil marketing companies struggled amid rising crude prices, with stocks falling by 3-4%.

Indus Towers faced a downturn of up to 5% following reports of a promoter share sale. Bajaj Auto, Bajaj Finance, and Eicher Motors were among the gainers in an otherwise weak trading session.

Tyre stocks faced selling pressure due to a cautious brokerage call, with MRF leading the decline with a 3% fall. Additionally, Intellect Design, Colgate, L&T Technology Services (LTTS), Siemens, and Hindustan Copper were among the top losers in the midcap segment.

In Asian markets, Seoul, Shanghai, and Hong Kong settled lower, while Tokyo ended in the green. European markets were trading with marginal gains. Wall Street ended positively on Monday. Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,051.09 crore on Monday, according to exchange data.

Furthermore, keep tracking Indian Stock Market, Gift Nifty  and Global Market Live to setup your tomorrow investment and trading strategies. Also keep updated with latest NSE Stock Results and Stock Events.

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