Bulls Struggle as Nifty Slips Below 22,850, Sensex Declines 1,690 Points, Rupee Hits Record Low

Indian Market Update: March 27

The Indian benchmark indices, Sensex and Nifty50, declined 2.25% and 2.09% respectively on March 27, driven by broad-based selling across sectors and lingering uncertainty over the US-Iran conflict. The Nifty50 opened lower at 23,173.55 and slid to an intraday low of 22,804.55 before closing near the day's low.

Key Statistics:

• Sensex: Down 1,690.23 points or 2.25% at 73,583.22
• Nifty50: Down 486.85 points or 2.09% at 22,819.60
• Nifty Midcap: Down 2.2%
• Smallcap: Down 1.7%

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Market Capitalisation:

The market capitalisation of BSE-listed companies fell by Rs 8.97 lakh crore to Rs 422.04 lakh crore, down from Rs 431.01 lakh crore on the previous trading day.

Sectoral Performance:

All sectoral indices closed in the red, with sharp losses in PSU banks (-3.1%) and reality (-3.2%). Auto, consumer durables, capital goods, and private banks fell 2% each.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Top Losers:

• Shriram Finance
• Tata Motors Passenger Vehicles
• InterGlobe Aviation
• Reliance Industries
• Bajaj Finance

Top Gainers:

• ONGC
• TCS
• Wipro
• Bharti Airtel
• Coal India

52-Week Low:

Over 900 stocks touched their 52-week low, including Sterling Wilson, Network 18, and Aegis Vopak.

Outlook:

Analysts predict further weakness in the market, with Nagaraj Shetti of HDFC Securities expecting the Nifty to decline to 22,450 levels and Sudeep Shah of SBI Securities predicting a move to 22,200 levels in the short term.