Markets

Bear tightens grip as Sensex plunges 870 points

Our Bureau Mumbai | Updated on March 25, 2021

Nifty 50 dips below 14,300; Covid-19 cases, F&O expiry add to selling pressure

The market plunged further after a negative opening as it continued to witness across-the-board selling as futures and options (F&O) monthly contracts expire today.

Benchmark indices were in the red despite positive global cues. Most Asian markets were positive while European markets too opened on a positive note. The rising number of Covid-19 cases across the world and in India have continued to worry investors.

Also read: Nifty call: Sell on intra-day rallies with stop-loss at 14,380 levels

At 1:01 pm, the Sensex was down 870.48 points or 1.77 per cent at 48,309.83, nearing the day’s low of 48,304.82.

Nifty 50 was nearing the day’s low of 14,285.00, at 14,295.60, down 253.80 points or 1.74 per cent. It briefly touched the day’s high of 14,575.60 after opening at 14,570.90.

Only Larsen and Toubro, Tata Steel and Cipla were in the green in the Nifty 50.

Maruti Suzuki, Indian Oil Corporation, Tata Motors, Hindalco and Eicher Motors were among the top laggards.

Banking, auto stocks under pressure

Banking and auto stocks were under pressure, further dragging down the market.

All sectoral indices were in the red as banking stocks continued to witness profit-taking in a weak market.

Nifty PSU Bank recorded the highest losses and was down 4.46 per cent. Nifty Bank was down 2.19 per cent, while Nifty Private Bank was down 2.07 per cent.

Nifty Auto was down 2.93 per cent. Nifty Pharma too erased the previous session’s gains and was down 1.22 per cent.

Broader indices

Among the broader indices, all except India VIX were in the red with indices underperforming, facing intense selling pressure.

Nifty Midcap 50 was down 2.71 per cent, while Nifty Smallcap 50 was down 2.65 per cent.

The S&P BSE Midcap was down 2.54 per cent, while the S&P BSE Smallcap was down 2.22 per cent.

Only the volatility index continued to remain in the green, up 2.17 per cent to 22.94.

Published on March 25, 2021

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