Markets snap three-day winning streak, NIFTY50 settles around 22,000, SENSEX tumbles over 360 points
Upstox
2 min read • Updated: March 26, 2024, 5:06 PM
Summary
Benchmark Indices – NIFTY50 (-0.42%) and SENSEX (-0.50%) – closed in red. Out of the NIFTY50 space, 30 stocks closed lower. HDFC Bank and Bharati Airtel were among top losers.
Benchmark indices broke three-day winning streak to close lower in a volatile trading session on Tuesday. Sell-off in heavyweights like HDFC Bank, Reliance and Bharti Airtel dragged down the index. Out of the NIFTY50 space, 30 stocks were declining.
While NIFTY50 lost 0.42% or 92.05 points to close at 22,004.70, SENSEX ended 361.64 points lower at 72,470.30. India VIX, a measure of volatility in the domestic markets, surged 4.91%.
Bajaj Finance, Hindalco, Adani Ports, Britannia, and NTPC were among the top gainers. Stocks such as Bharti Airtel, Power Grid, Eicher Motors, Wipro and Divis Lab lost the most.
On the sectoral front, NIFTY Media (-1.66%) lost the most, followed by IT (-0.62%), Bank (-0.56%). Meanwhile, Realty (+1.57%), Metal (0.37%) and PSU Bank (0.10%) closed higher.
Broader markets outperformed the benchmark indices. NIFTY Midcap100 was up 1.05%, while the NIFTY Smallcap100 index gained 0.41%.
On the stocks front, shares of Reliance Power hit their upper circuit for the fourth straight session. The stock locked in the 5% upper circuit at ₹27.60 apiece after the Anil Ambani-owned company announced selling a 45 MW wind power project for ₹132 crore in Maharashtra to JSW Energy.
Rail Vikas Nigam Limited (RVNL) shares closed 4.1% after the company signed a memorandum of understanding (MoW) with the Airports Authority of India (AAI) for a project worth ₹229.43 crore.
The initial public offering (IPO) of SRM Contractors opened to a strong response from investors. The public issue was subscribed 3.3 times as of 4:30 pm on day 1. The public issue will close on Thursday, March 28. To know more and apply for this IPO, click here.