It was the second consecutive day of strong losses for equity benchmarks, the Sensex and the Nifty 50, on Monday, March 9, as panic selling continued due to escalating US-Iran war, spike in crude oil prices, and the rupee’s fall to record low levels.
The Sensex crashed 1,353 points, or 1.71%, to end at 77,566.16, while the Nifty 50 declined 422 points, or 1.73%, to end at 24,028.05. The selloff was more intense in the broader segment as the BSE 150 MidCap Index crashed 2%, while the BSE 250 SmallCap Index plunged 2.46%.
Investors lost ₹9 lakh crore in a session on Monday, while the two sessions of selloff have made them poorer by ₹12 lakh crore. The overall market capitalisation of BSE-listed firms stood at ₹441 lakh crore on Monday against ₹453 lakh crore on Thursday.
The Sensex and the Nifty 50 have lost 3% in two consecutive sessions.
“Investor sentiment remained fragile due to escalating geopolitical tensions in the Middle East, which triggered a sharp surge in crude oil prices, with Brent crude testing the nearly $119.5 mark, raising concerns over inflation and economic growth. The spike in oil prices, weakness in the rupee, and continued foreign institutional investor (FII) selling further intensified the sell-off in domestic equities,” Ajit Mishra, SVP- Research, Religare Broking, observed.
Stocks at 52-week lows
Meanwhile, as many as 875 stocks hit their 52-week lows on the BSE on Monday.
HDFC Bank, Tata Consultancy Services (TCS), Wipro, Asian Paints, InterGlobe Aviation (IndiGo), Trent, and Ambuja Cements were among the stocks that hit their 52-week lows on the BSE in intraday trade on Monday.
Tata Motors Passenger Vehicles, Suzlon Energy, Shree Cement, REC, Info Edge (India), Indian Hotels Company, Gail (India), DLF, Dixon Technologies (India), Coforge, and Bajaj Holdings & Investment were also among the stocks that hit their 52-week lows on the BSE.
On the other hand, 72 stocks, including Mangalore Refinery and Petrochemicals (MRPL), Citurgia Biochemicals, Jindal Poly Films, Motilal Oswal Nifty India Defence ETF, and SBI Nifty Midcap 150 Momentum 50 ETF, hit their 52-week highs on the BSE.
16 stocks crash more than 15% on BSE
Some 16 stocks, including Balkrishna Paper Mills, DSP Nifty 50 Equal Weight ETF, Allcargo Terminals, and DCM Nouvelle, crashed more than 15% on the BSE.
However, Jindal Poly Investment and R Systems International were among the 10 stocks that defied stock market weakness and jumped more than 15% on the BSE.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
