Equity markets took a mid-day dive today due to concerns over escalating global trade tensions, including the recent announcement of an additional 10 per cent tariff on Chinese products.
As of 12.45 pm, the Sensex had plummeted by 1214.48 points or 1.63 per cent to 73,397.95, while the Nifty 50 tanked by 374.45 points or 1.66 per cent to 22,170.60.
The Nifty midcap 100 fell by 2.86 per cent to 47,732.55, and the Nifty smallcap 100 declined by 2.83 per cent to 14,727.85.
All sectoral indices were in the red, with IT stocks facing the most pressure. The Nifty IT index declined by 3.86 per cent to 37,442.70 as of 12.19 pm. Consumer durables and FMCG indices also dipped by 2.79 per cent and 1.66 per cent, respectively.
Despite the overall market decline, banking stocks showed some resilience, with the Nifty bank and private bank indices slipping by 0.56 per cent and 0.53 per cent, respectively.
Investors were also feeling the pressure from FIIs selling off their investments.
Commenting on the market volatility, Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, mentioned, “March is likely to witness a recovery in the Indian market backed by better macro news flows and subdued FII selling. Long-term investors can take advantage of the market weakness to slowly accumulate fairly-valued quality largecaps and select stocks in the broader market, such as defense stocks.”
In terms of top gainers and losers, Coal India, HDFC Bank, Shriram Finance, Axis Bank, and Reliance were among the top gainers on the Nifty 50. IndusInd, Tech Mahindra, Titan, Wipro, and M&M traded among the major laggards.
Coal India led the gainers with a 2.27 per cent increase to ₹372.1, followed by HDFC Bank with a 1.14 per cent increase to ₹1,720.1, and Shriram Finance with a 1.11 per cent increase to ₹613.55. On the losing side, IndusInd stock plummeted by 5.54 per cent to ₹988.7, while Tech Mahindra lost 5.37 per cent to ₹1,503.
Overall, the market was facing a significant downturn, with many stocks hitting 52-week lows on both the NSE and BSE. Investors were advised to tread cautiously and consider long-term investment strategies amidst the market turbulence.