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Business News/ Markets / Stock Markets/  Stock market today: Sensex falls over half a per cent, Nifty 50 ends near 22k; smallcaps outperform

Stock market today: Sensex falls over half a per cent, Nifty 50 ends near 22k; smallcaps outperform

Stock market today: Sensex closed with a loss of 454 points, or 0.62 per cent at 72,643.43, while the Nifty 50 ended the day at 22,023.35, down 123 points, or 0.56 per cent.

Stock market today: Nifty 50 and the Sensex fell on Friday, March 15. (PTI Photo) (PTI7_5_2019_000223B)(PTI7_5_2019_000256B) (PTI)Premium
Stock market today: Nifty 50 and the Sensex fell on Friday, March 15. (PTI Photo) (PTI7_5_2019_000223B)(PTI7_5_2019_000256B) (PTI)

Stock market today: The Indian stock market benchmarks- the Nifty 50 and the Sensex - closed with significant losses on Friday, March 15 as investors continued exercising caution amid persisting concerns regarding rich valuations and froth in certain segments of the market, prompting profit-taking following the healthy gains seen in the previous session.

The prevailing sentiment was further dampened by weak global cues. Investors are now awaiting the upcoming Fed meeting outcome, scheduled for next week, anticipating insights into the central bank's perspectives on growth and inflation. Investors also expect hints on the timing and the extent of potential rate cuts.

Also Read: Why is Indian stock market falling today — explained with 5 reasons

Amidst this, India's robust domestic macro outlook persists, reinforcing its status as an appealing destination for long-term investment gains. Consequently, analysts have been advocating the acquisition of high-quality stocks following the market downturn.

Fitch Ratings raised India’s GDP growth estimates for FY24 and FY25 on Thursday, citing growing domestic demand and improved business and consumer confidence.

The ratings agency raised the FY24 estimate to 7.8 per cent from 6.9 per cent in December 2023, and the FY25 estimate to 7 per cent, from 6.5 per cent a quarter ago.

Also Read: Fitch raises India GDP growth estimate for FY24 to 7.8%

Nifty 50 opened at 22,064.85 against its previous close of 22,146.65 and touched its intraday high and low of 22,120.90 and 21,931.70 respectively. The index ended the day at 22,023.35, down 123 points, or 0.56 per cent.

Also Read: L&T, Siemens, ABB, Thermax share prices rise up to 70% in a year. Should you Buy, Sell or Hold the capital goods majors?

The Sensex opened at 72,886.77 against the previous close of 73,097.28 and touched its intraday high and low of 72,998.07 and 72,484.82 respectively. The index closed with a loss of 454 points, or 0.62 per cent, at 72,643.43.

Mirroring the trend in the benchmark index, the BSE Midcap index also ended in the red, falling 0.51 per cent. However, the BSE Smallcap index defied the market trend and ended with a gain of 0.25 per cent.

The overall market capitalisation of the firms listed on the BSE dropped to nearly 378.5 lakh crore from nearly 380 lakh crore in the previous session, making investors lose about 1.5 lakh crore in a single session.

Top gainers in the Nifty 50 index today

Only 11 stocks ended with gains in the Nifty 50 index today, among which shares of UPL (up 3.18 per cent), Bharti Airtel (up 1.62 per cent) and HDFC Life Insurance Company (up 1.53 per cent) closed as the top gainers.

Top losers in the Nifty 50 index today

Shares of Mahindra and Mahindra (down 4.99 per cent), BPCL (down 4.15 per cent) and Coal India (down 2.85 per cent) closed as the top losers in the Nifty 50 index.

Sectoral indices today

While Nifty Metal and FMCG indices ended flat, all other sectoral indices ended in negative territory.

Nifty Oil & Gas (down 1.98 per cent) and Auto (down 1.57 per cent) ended as the top losers among the sectoral indices.

Nifty Bank index fell 0.42 per cent. Nifty PSU Bank and Private Bank indices ended 0.35 per cent and 0.04 per cent lower, respectively.

Experts view on the market

According to Vinod Nair, Head of Research at Geojit Financial Services, cautiousness towards mid and small-caps continued to drag market sentiment, dampening the broader market. However, the moderation in global commodity prices and the upward revision of India's GDP for FY25 are poised to highlight robust domestic demand, potentially supporting a rebound once the broader market attains stability.

Nair anticipates continued bargain opportunities in mid and small-cap stocks, whose valuations are underpinned by strong fundamentals.

Ajit Mishra, SVP of Technical Research at Religare Broking pointed out that indicators are in favor of consolidation with negative bias until the Nifty decisively reclaims 22,250 levels. However, Mishra added that the pace of decline would remain gradual due to the resilience of select heavyweights across sectors.

Mishare said traders should continue with a stock-specific approach and maintain positions on both sides.

Also Read: General Elections 2024: Market volatility expected around poll results but long-term outlook remains bullish, says study

Technical views on Nifty 50

As per Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, the Nifty managed to hold on to the support zone of 21,900 – 21,860. The 40-day exponential average (21,970) absorbs the selling pressure. So, until this zone is held, we can expect the upside momentum to resume.

"In terms of levels, 22,215 – 22,250 is the immediate hurdle zone while 21,900 – 21,860 is the crucial support," he said.

Rupak De, Senior Technical Analyst at LKP Securities said that the momentum indicator suggests bearish momentum in the near term.

"Immediate support is situated at the 50DMA, currently at 21,900, which is expected to provide support for the Nifty. A decisive drop below 21,900 could lead to a sharp decline in the index. On the upside, resistance is observed in the range of 22,200-22,250," said De.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 15 Mar 2024, 03:31 PM IST
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