Markets snap four-week winning streak, NIFTY50 closes near 22,000, SENSEX falls over 450 points
Upstox
2 min read • Updated: March 15, 2024, 6:33 PM
Summary
In line with the overall weak trend in the market, the NSE Midcap100 index also slipped, closing in the red with a loss of 0.46%. The NSE Smallcap100 index, however, bucked the market trend, closing with a gain of 0.39%.
Indian benchmark indices NIFTY50 and SENSEX ended with significant losses on Friday amid concerns regarding rich valuations and 'froth' in some segments of the market.
The SENSEX plunged 453 points, or 0.62%, to close at 72,643, while the NIFTY50 dropped 123 points, or 0.56%, to end at 22,023.
Out of the NIFTY50 space, 39 stocks declined. UPL, Bharti Airtel, and HDFC Life were among the top gainers, while Mahindra and Mahindra, BPCL and Coal India were the top losers. On the sectoral front, the Oil & Gas index was among the top losers. Oil marketing companies like HPCL, BPCL and IOC witnessed a sell-off after the government slashed petrol and diesel prices by ₹ 2 per litre.
Read more: BPCL, HPCL, IOC stocks slump over 6% after Centre cuts petrol, diesel rates
In line with the overall weak trend in the market, the NSE Midcap index also slipped, closing in the red with a loss of 0.51%. The NSE Smallcap index, however, bucked the market trend, closing with a gain of 0.25%.
Meanwhile, mutual fund houses released their liquidity stress test results on their mid and smallcap fund portfolios after concerns were raised by the SEBI regarding 'froth' in their valuations. The capital market watchdog flagged 'irrational exuberance' in certain schemes amid relentless inflows, triggering concerns among market participants.
Read more: Mutual fund stress test results out, check the key details here
The market sentiment was further dampened by weak global cues. Investors are now eagerly waiting for the outcome of the upcoming Fed meeting, scheduled for next week. The US central bank’s bi-monthly meeting will give insights into the central bank's perspectives on growth and inflation. Markets worldwide expect hints regarding the timing and extent of potential rate cuts.