Indian Stock Market Experiences Second Day of Decline Amid Rising Oil Prices and Weakening Rupee

Indian Equity Indices Extend Losses for Second Consecutive Session

Market Overview

On March 12, Indian equity indices continued their downward trend, with the Sensex declining by 829.29 points or 1.08 percent to 76,034.42, and the Nifty falling by 227.70 points or 0.95 percent to 23,639.15. The broader indices, Nifty Midcap and Smallcap, declined by 0.4% and 0.7%, respectively.

Key Market Data

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• Market Capitalisation: Declined by Rs 1.77 lakh crore to around Rs 440 lakh crore
• Rupee: Depreciated for the second consecutive session to a fresh record low of 92.36 against the US dollar, settling at 92.19, down 16 paise from the previous close

Sectoral Performance

• Auto: Slipped more than 3%
• FMCG: Shed 1.7%
• Private Bank: Declined 1.6%
• Power: Gained 2.5%
• Energy: Rose 2%
• Oil & Gas, Metal, and Capital Goods: Rose 0.5% each

Top Gainers and Losers

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• Gainers: Coal India, Jio Financial, Adani Enterprises, NTPC, Power Grid Corp
• Losers: Eicher Motors, M&M, Maruti Suzuki, Bajaj Finance, UltraTech Cement

Stock-Specific News

• Omnitech Engineering: Rose 5.6% on bagging a five-year contract worth Rs 920 crore
• VA Tech Wabag: Gained 1.5% on winning an order from the Chennai Metropolitan Water Supply & Sewerage Board
• KEC International: Rose 2.7% on winning new orders worth Rs 1,476 crore
• Borosil: Fell 6.5% after production was impacted by LPG supply curbs due to the Middle East conflict

Outlook for March 13

The market is expected to remain volatile, with sell-on-rise likely to remain the preferred strategy. The RSI indicator is in a bearish crossover and is declining further, entering a zone of significant weakness. Support is placed at 23,400 / 23,200, while resistance is seen at 23,850.