MUMBAI; The 30-share BSE Sensex settled at 72,989.93, down 96.01 points or 0.13 per cent, as 18 of its components ended in the red while 12 posted gains. During the session, the index plunged 452.4 points or 0.62 per cent to a low of 72,633.54 before paring some losses in the latter half.
The NSE Nifty also extended its losing streak to ten consecutive sessions, slipping 36.65 points or 0.17 per cent to close at 22,082.65. The index opened below the 22,000 mark at 21,974.45 but managed a partial recovery by the end of the day.
Market movers
Among Sensex constituents, Bajaj Finserv, HCL Technologies, Nestle India, Asian Paints, Bharti Airtel, Sun Pharmaceuticals, Infosys, Maruti Suzuki India, Titan, Hindustan Unilever, and Reliance Industries were the major losers.
On the flip side, State Bank of India (SBI), Zomato, Tata Consultancy Services, Adani Ports, Power Grid, Tata Steel, and HDFC Bank gained.
Vinod Nair, Head of Research at Geojit Financial Services, noted, “The domestic market exhibited a recovery from the day’s lows but remained in negative territory due to adverse global cues related to escalating trade tensions.”
Ajit Mishra, SVP, Research at Religare Broking Ltd, added, “Weak global cues continue to weigh on sentiment, but selective buying is limiting the downside.”
Despite the overall decline, the BSE smallcap index climbed 1.28 per cent, while the midcap gauge inched up 0.08 per cent.
Abhishek Jaiswal, Fund Manager at Finavenue, observed that the recent correction has effectively removed excess froth from valuations. “With the upcoming Q4 results, we anticipate renewed momentum, positioning small caps for the next phase of growth,” he said.
Sectoral trends
Among BSE sectoral indices, Auto (1.13 per cent), Focussed IT (0.96 per cent), Teck (0.86 per cent), IT (0.77 per cent), Telecommunication (0.45 per cent), FMCG (0.40 per cent), and Consumer Discretionary (0.18 per cent) ended in the red.
Conversely, Capital Goods, Industrials, Oil & Gas, Services, Energy, Commodities, Healthcare, and Power logged gains.
The broader market saw 2,221 stocks advance, 1,737 decline, and 128 remain unchanged on the BSE.
Meanwhile, the market capitalisation of BSE-listed firms rose by Rs1,06,388.96 crore to Rs3,85,07,568.89 crore ($4.41 trillion).
Global trade war concerns
“Indian benchmark indices opened lower and remained weak through the session, closing in negative territory amid continued foreign institutional investor (FII) selling and ongoing geopolitical tensions between Russia and Ukraine,” said Ameya Ranadive, Chartered Market Technician, CFTe, and Senior Technical Analyst at StoxBox.
“The market sentiment was further dented by concerns over a global trade war after the US president confirmed a 25 per cent tariff on Canada and Mexico and a 20 per cent tariff on Chinese imports over fentanyl-related issues,” he added.
Devarsh Vakil, Head of Prime Research at HDFC Securities, highlighted that “The Nifty index has now fallen for ten consecutive sessions, marking the longest losing streak in 29 years. Out of the last 19 trading sessions, only one has ended in positive territory.”
The US has implemented a 25 per cent tariff on imports from Canada and Mexico, while Chinese goods now face a cumulative 20 per cent duty following an additional 10 per cent levy. Reciprocal tariffs are set to take effect from April 2, heightening concerns over trade disruptions and financial market instability.
In Asian markets, Tokyo, Hong Kong, and Seoul ended in the red, while Shanghai managed to close in positive territory.
