Market wrap: NIFTY50 slumps over 400 points; SENSEX below 75k; L&T, Tata Steel among top losers

Indian equity benchmarks witnessed massive selling pressure on Friday, with both the Nifty and Sensex extending losses for the third consecutive session, due to weak global cues and broad-based selling across sectors.

Markets made a negative start as oil prices surged amid renewed fears of a prolonged conflict in the Middle East, along with continued FII outflows, which weighed on investors’ sentiments. In the final hour of trade, the markets slipped deeper into the red, plunging over 1.9%.

Traders remained cautious with government data showing that retail inflation in the country moved up to 3.21% in February compared to 2.74% in the preceding month. The inflation data is based on the new CPI series with a base year of 2024.

Market participants were concerned due to sustained selling by foreign portfolio investors (FPIs). According to exchange data, foreign institutional investors sold equities worth Rs 7,049.87 crore on a net basis on March 12.

European equity markets traded in the red, while Asian markets ended lower, as high crude oil prices fuelled inflation worries and reduced expectations of near-term Federal Reserve rate cuts.

The BSE Sensex ended at 74563.92, down by 1470.50 points or 1.93% after trading in a range of 74454.60 and 75576.20. 2 stocks were advancing against 28 stocks declining on the index.

The top losing sectoral indices on the BSE were Metal down by 4.83%, Industrials down by 4.15%, Basic Materials down by 4.01%, Auto down by 3.27% and Capital Goods down by 2.99%, while there were no gaining sectoral indices.

Meanwhile, Petroleum Minister Hardeep Puri has said that there is no shortage of petrol, diesel and kerosene in the country on account of the West Asia crisis, adding that spreading rumours or false narratives is unnecessary.

The NIFTY50 ended at 23151.10, down by 488.05 points or 2.06% after trading in a range of 23112.00 and 23492.40. 3 stocks were advancing against 47 stocks declining on the index.

The few gainers on Nifty were Tata Consumer Products up by 2.29%, Hindustan Unilever up by 1.26% and Bharti Airtel up by 0.12%. On the flip side, Larsen & Toubro down by 7.38%, Hindalco down by 6.16%, Tata Steel down by 5.41%, JSW Steel down by 4.49% and Ultratech Cement down by 4.27% were the top losers.

European markets were trading lower; France’s CAC fell 55. points or 0.69% to 7,929 Germany’s DAX lost 125 points or 0.53% to 23,464 and UK’s FTSE 100 decreased 22 points or 0.22% to 10,282.