Indian stocks experienced a sharp reversal on Monday, with the market failing to hold onto its early gains, ending the day lower. The Nifty index lost 92 points, closing at 22,460, and giving up the 22,500 level. The Sensex also dropped 217 points to end at 74,115, marking a significant fall from its early highs.The broader market also underperformed, with the Midcap index shedding more than 1%, falling by 751 points to 48,440. The market breadth turned negative, with the advance-decline ratio at a poor 1:4, indicating broad-based selling across stocks.
Among sectors, the Nifty Bank index slipped by 281 points to 48,217, reflecting a weak performance in the banking sector. Oil marketing companies (OMCs) faced pressure after the government’s second supplementary demands, which did not include provisions for LPG compensation. The auto sector remained under pressure, particularly two-wheeler stocks, which dropped around 2%.
ONGC fell more than 3% as crude oil prices continued their decline, with Brent crude holding below the $70 per barrel mark. IndusInd Bank also saw a 3% drop after the Reserve Bank of India granted a one-year extension for the re-appointment of its Managing Director and CEO, which led to investor concerns.In the midcap space, stocks like Titagarh, KEI Industries, Birlasoft, Kalyan Jewellers, and CG Power were among the biggest losers, contributing heavily to the day’s broader market losses.
Among sectors, the Nifty Bank index slipped by 281 points to 48,217, reflecting a weak performance in the banking sector. Oil marketing companies (OMCs) faced pressure after the government’s second supplementary demands, which did not include provisions for LPG compensation. The auto sector remained under pressure, particularly two-wheeler stocks, which dropped around 2%.
ONGC fell more than 3% as crude oil prices continued their decline, with Brent crude holding below the $70 per barrel mark. IndusInd Bank also saw a 3% drop after the Reserve Bank of India granted a one-year extension for the re-appointment of its Managing Director and CEO, which led to investor concerns.In the midcap space, stocks like Titagarh, KEI Industries, Birlasoft, Kalyan Jewellers, and CG Power were among the biggest losers, contributing heavily to the day’s broader market losses.
On the positive side, the solar industry continued its strong run, with Solar Ind gaining for the sixth straight day, reaching a one-month high. Meanwhile, shares of BSE fell 5%, pressured by a downgrade in the stock’s target price by a brokerage firm. IREDA also faced a 4% decline after the RBI rejected its proposal to invest in a project in Nepal.
Zee Entertainment, however, continued to see buying interest, gaining for the second consecutive day after news of a promoter share buyback boosted investor confidence. Despite some positive momentum in individual stocks, the overall market sentiment remained cautious as sectors faced pressure across the board.
First Published: Mar 10, 2025 3:48 pm IS
