Indian Indices Plummet: Nifty Sinks to 11-Month Low Below 23,900, Sensex Falls 1,342 Points

Market Update - March 11

The Indian market experienced a sharp decline on March 11, with the BSE Sensex falling 1,342.27 points or 1.72 percent to 76,863.71, and the NSE Nifty down 394.75 points or 1.63 percent to 23,866.85.

Key Performance Indicators

• Nifty 50 fell below 23,850 intraday
• Nifty Midcap index fell 1.2%
• Smallcap index declined 0.36%

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Sectoral Performance

• Auto, FMCG, PSU Bank, Consumer Durables, Private Bank, Capital Goods, and IT sectors shed between 1-3%
• Oil & gas and pharma indices ended with marginal gains

Top Losers and Gainers

• Bajaj Finance, Axis Bank, Bajaj Finserv, Eicher Motors, and M&M were the biggest Nifty losers
• NTPC, Jio Financial, Coal India, Sun Pharma, and Dr Reddy's Labs were the gainers

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Stock-Specific Movement

• TVS Supply Chain Solutions shares added 2.5% on setting up a 40,000 sq ft warehouse facility
• HG Infra Engineering shares rose nearly 6% on bagging an order worth Rs 401.33 crore
• Waaree Renewable Technologies share price added 2.5% on signing an EPC contract for a 300 MW solar PV plant

52-Week Lows

• 180 stocks touched their 52-week low, including Aegis Logistics, Hexaware Technologies, Coforge, IRCTC, and KPR Mills

Outlook for March 12

• Rupak De, Senior Technical Analyst at LKP Securities, expects further selling pressure due to the narrowing gap between the 50DMA and 200DMA
• Abhinav Tiwari, Research Analyst at Bonanza, expects the market to remain volatile due to global headlines and crude oil prices.