The domestic equity market continued reeling under massive selling pressure for the second consecutive session on Monday, March 30, amid mounting concerns over the US-Iran war, rising crude oil prices, and India’s deteriorating macroeconomic outlook, keeping investors on tenterhooks.
The market witnessed a sharp selloff across segments, as not only the benchmark but the mid and small-cap segments, too, crashed more than 2%.
The Sensex closed with a heavy loss of 1,636 points, or 2.22%, at 71,947.55. The NSE benchmark Nifty 50 crashed 488 points, or 2.14%, to settle at 22,331.40. The mid and small-cap indices on the BSE plunged 2.5% each.
Barring Tech Mahindra and Power Grid, all components of the Sensex index ended in the red, with Bajaj Finance, SBI, and IndiGo as the top losers, falling 4-5%.
Among the sectoral indices on the BSE, banking and financial stocks crashed more than 3% each, while several others, such as consumer discretionary, industrials, and IT, dropped about 2%.
“The downturn was primarily driven by escalating geopolitical tensions in the Middle East, which dashed hopes of de-escalation and pushed crude oil prices higher, raising concerns over inflation and macro stability for oil-importing economies like India,” Ajit Mishra, SVP- Research at Religare Broking, noted.
“Weak global cues, including declines across Asian and US markets, coupled with continued foreign institutional outflows and a weakening rupee, further weighed on sentiment. Additionally, rising bond yields and concerns over tighter financial conditions exerted pressure, particularly on rate-sensitive sectors such as banking and auto,” Mishra added.
Meanwhile, over 1500 stocks hit their 52-week lows on the BSE.
Stocks that hit 52-week lows on the BSE
As many as 1,546 stocks, including TCS, ITC, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Bajaj Finserv, Trent, Adani Enterprises, Bajaj Holdings & Investment, and Cholamandalam Investment and Finance Company, hit their 52-week lows on the BSE during the session.
Wipro, Havells India, Hindustan Aeronautics (HAL), Godrej Consumer Products, DLF, Dixon Technologies, Dixon Technologies (India), Cipla, United Spirits, Indian Hotels Company, Pidilite Industries, REC, Tata Motors Passenger Vehicles, IREDA, IRCTC, IRFC, RVNL, Swiggy, Mazagon Dock Shipbuilders, Dabur India, and Escorts Kubota were also among the stocks that hit their 52-week lows in intraday trade on the BSE.
On the other hand, 64 stocks, including Ather Energy, Dhampur Bio Organics, Jain Resource Recycling, Omnitech Engineering, Prime Focus, and SG Mart, hit their 52-week highs on the BSE during the session.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
