Daijiworld Media Network - Mumbai
Mumbai, Mar 10: Indian equity markets experienced a turbulent session on Monday, with benchmark indices erasing early gains to close in negative territory, impacted by global uncertainties and a late-session sell-off.
The day started on a strong note, with the Sensex surging to an intra-day high of 74,741, marking a 407-point rise. However, as selling pressure intensified in the final hours, the index plunged over 700 points from its peak, hitting a low of 74,022 before settling at 74,115, down 217 points (0.3%).
The Nifty followed a similar trajectory, reaching a high of 22,677 before slipping to 22,429. By the end of the session, it closed at 22,460, losing 92 points (0.4%).
Market experts attributed the late-session decline to weak global cues, particularly the 400-point drop in Dow Jones futures and a 1% fall in Nasdaq futures, driven by concerns over Trump-era tariffs in the US.
Technical analysts highlighted a shooting star candlestick pattern on the Nifty’s daily chart near the 22,668-22,720 resistance zone, suggesting that 22,720 remains a critical hurdle, followed by 22,800. On the downside, immediate support is placed at 22,370, near the 9-Day Simple Moving Average (9-DSMA).
The broader market saw widespread selling, with over 2,700 declining stocks on the BSE compared to just over 1,100 advancing stocks.
Key Stock Movements
• Major Losers: Reliance Industries, IndusInd Bank, Trent, ONGC, Eicher Motors, Bajaj Auto
• Top Gainers: Power Grid Corporation, Hindustan Unilever (HUL), Infosys, SBI Life, Nestle India
Sectoral Performance
Most sectors ended in the red, with auto, consumer durables, metal, capital goods, oil & gas, realty, and PSU banks witnessing losses between 1-2%. The FMCG sector was the only bright spot, showing some resilience despite the broader market sell-off.
The BSE Midcap index dropped 1.5%, while the Smallcap index fell 2.1%, reflecting heightened volatility in the broader market.
With global cues dictating sentiment, analysts advise caution, recommending traders to buy near support levels and book profits around key resistance zones in the coming sessions.