Sensex, Nifty break 2-day gain as PSU bank, real estate, midcap bleed; SBI, ICICI Bank, Maruti down 2%

By: | Updated: March 22, 2018 4:51 PM

Indian stock markets ended in negative zone on Thursday as major stock indices Sensex and Nifty shed 0.4% each with the stocks of PSU bank, real estate, media, IT and automobile sector losing most under the increased volatility.

India Vix dropped 20.64% to a day’s bottom of 11.9900 before settling up 1.37% at 15.3150. (Image: Wikimedia Commons)

Indian stock markets ended in negative zone on Thursday as major stock indices Sensex and Nifty shed 0.4% each with the stocks of PSU bank, real estate, media, IT and automobile sector losing most under the increased volatility. Shares of small-cap and mid-cap companies declined even higher as compared to the blue-chip peers with Nifty Small100 Free index diving over 1%. A slump in the shares of heavyweight companies such as ICICI Bank, Infosys, Maruti Suzuki, State Bank of India, HDFC, L&T, M&M, TCS and Axis Bank dragged the BSE Sensex to close in the red while an uptick in stocks of Reliance Industries, HDFC Bank, IndusInd Bank and ONGC helped to trim the losses.

Market trend in the day

Indian equities kept on declining after opening marginally higher on Thursday followed by a little recovery in the afternoon deals which was later erased in the last minute counters. On Thursday, a heavy fluctuation was seen in the volatility, as the volatility indicator, India Vix dropped 20.64% to a day’s bottom of 11.9900 before settling up 1.37% at 15.3150. The S&P BSE Sensex lost 129.91 points or 0.39% to end just above 33,000 at 33,006.27 whereas NSE Nifty declined 40.5 points or 0.4% to conclude the day at 10,114.75. During the day, the benchmark Sensex hovered in the range of 33,281.77 and 32.963.31.

Major movers

Shares of ONGC, IndusInd Bank, Tata Motors, Reliance Industries, Sun Pharma, HDFC Bank emerged as the top gainers among the Sensex components rising up to 2.5% while, on the other hand, shares of State Bank of India, Wipro, M&M, ICICI Bank, Maruti Suzuki, Dr Reddy’s, Adani Ports, Infosys, Axis Bank, Bajaj-Auto, TCS and L&T lost up to 2.5%.

Outliers

Among the ‘A’ group shares of BSE, stocks, of National Aluminium Company, Hathaway Cable & Datacom, Oil India and Jubilant Foods gained 2-7% whereas shares of MMTC, Welspun Corp, Balrampur Chini, Jaiprakash Associates and Hindustan Construction Company tumbled 6-18%.

Market at glance

Among the broader and sectoral front, all the indices on National Stock Exchange closed in negative territory. Among the broader market indicators, other than Nifty 50 index, Nifty Next 50, Nifty 100, Nifty 200, Nifty 500, Nifty Midcap 50, Nifty Mid100 Free, Nifty Small100 Free shed 0.4 to 1.5% while amid the sectoral indices, all the benchmarks ended down barring Nifty Metal index with Nifty PSU Bank, Nifty Realty, Nifty Media, Nifty IT, Nifty Pharma, Nifty Bank, Nifty Financial Service and Nifty Auto crumbling 0.4% to 2.1%.

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