Bearish Stockmarket nosedive continues – Nifty ends March series below 14,350, Sensex ends 740 pts down at 48,440

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Sensex continued its tumble with PSU Bank, FMCG, auto, infra, IT and energy indices worst hit; slip 2-3%. BSE Midcap and Smallcap indices fell 1.8-2.2 percent.

Indices drop 5% in March F&O series and highlighted the indices’ biggest 1-year drop in a monthly series.

The nervous Chinese market, coupled rising Covid-19 infections along with monthly expiry of the derivative contracts, turned markets volatile on Thursday. Even as bulls tried to wrestle back and took the benchmark Sensex 647 points higher from the day’s low, bears won this bout.

The BSE barometer of 30 shares ended at 48,440 levels, down 740 points or 1.5 per cent. On the NSE, the broader 50-share index ended at 14,348 levels, down 201 points or 1.4 per cent.

Maruti Suzuki, Bharti Airtel, Hindustan Unilever, Bajaj Finance, ONGC, UltraTech Cement, and Reliance Industries were the top laggards on the Sensex, while Indian Oil Corporation, Hero MotoCorp, Coal India, Eicher Motors, and Britannia were the additional losers on the Nifty. These stocks were down between 3% and 4%.

On the upside, Tata Steel, ICICI Bank, L&T, HDFC, and Dr Reddy’s Labs were the top gainers on the indices, ranging from 0.35% to 3%.

The overall market breadth remained titled towards bears with 2,224 stocks ending the day in the red as against just 684 stocks that ended in the green on the BSE.

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