Market snaps two-day winning streak, NIFTY50 closes below 22,350, SENSEX tumbles over 600 points
Upstox
2 min read • Updated: March 11, 2024, 5:37 PM
Summary
Benchmark indices closed in the red on Monday. Investors turned cautious ahead of key macroeconomic data releases. Out of the NIFTY50 space, 33 stocks closed in the red. Mid and smallcap indices saw significant sell-off on concern of tighter SEBI norms.
The domestic markets closed in the red on Monday, March 11, with the NIFTY50 and SENSEX dropping 0.72% and 0.83%, respectively. The fall comes amid weak global market cues and ahead of key macroeconomic data releases, including inflation data from India and US to be announced later this week.
Out of the NIFTY50 space, 33 stocks closed in the red. Tata Consumer Products, Power Grid, Bajaj Auto, Tata Steel, and State Bank of India were among the top losers. Meanwhile, Apollo Hospitals, Nestle India, SBI Life were among the top gainers.
India VIX, a measure of volatility in the domestic markets, surged 2.81%. Except for NIFTY Pharma, all sectoral indices ended lower, with Media (-2.91%) and PSU Bank (-1.58%) being the top losers.
Broader market indices, including NIFTY Midcap100 (-0.3%) and Smallcap100 (-1.99%) slumped today. As per reports, the market regulator SEBI has asked asset management companies (AMCs) to tighten risk disclosure norms for their small and mid-cap funds.
On the stocks front, shares of NLC India Ltd rallied 12% in opening trade after it announced a deal with the Rajasthan government to jointly set up two power plants with an investment of ₹7,000 crore. The stock closes at ₹232 per share, up 6.06%.
Meanwhile, Rail Vikas Nigam Ltd (RVNL) shares also climbed more than 8% after the rail PSU announced that it has received multiple orders worth around ₹2,000 crore.