Auto sales data was also disappointing. Moreover, India’s growth figures released on Monday were significantly below expectations. Although the outlook for metal stocks has risen and stocks have jumped for another day.
The 30-pack of Sensex shares lost 778.38 points or 1.38% to close at 55,468.90. Its broader counterpart NSE Nifty fell 185.05 points or 1.10% to 16,608.85.
“It makes sense to deploy excess cash in your portfolio gradually assuming medium to long-term future stability. However, volatility is expected in the near term given the price of boiled crude, the national election outcome and the state of Fed policy in the coming weeks,” said Vinod Nair, head of research at Geojit Financial Services.
The market at a glance:
- Chemplast Sanmar rose 10% after upgrading its credit rating
- TVS Motor shares shed 3% as February sales fell 5%
- Tata Steel jumped 6% on plans to expand into branded medical tubing
- Hero Motocorp fell 4% as February sales fell 29% year-on-year
- India VIX, a barometer of future volatility, rose 2% to 29
Among blue chip names, Coal India was the biggest gainer, up 8.52%. HDFC Life Insurance, SBI Life Insurance, Tata Steel, Hindalco Industries, UPL and JSW Steel were other big winners. Maruti Suzuki was the biggest loser in the Nifty pack, losing 6%. Dr Reddy’s Labs, Bajaj Auto, Asian Paints, Hero MotoCorp, ICICI Bank, HDFC Bank and HDFC were other names that ended in red. Broader market indices ended mixed, outperforming their major peers.
Broader market indices ended mixed, outperforming their major peers. Nifty Smallcap rose 0.50% and Nifty Midcap fell 0.02%.
Nifty 500, the broadest index on NSE, ended down 0.76%. Nalco, Aegis Logistics, IEX, Hindustan Zinc, Adani Total Gas and Oil India were the main gainers in the mid and small cap indices. Bank of Baroda, CG Consumer, Gujarat Gas, Linde India, Kajaria Ceramics and Radico Khaitan were the major losers in the broader market space.
The sector matrix was mixed on NSE. Nifty Metal was the biggest gainer, up 4.07%, followed by Nifty Media, which rose 1.87%. Nifty Auto was the big loser, down 2.96%. Nifty Bank and Nifty Financial Services were the other losers.
The breadth of the market was in favor of the winners as 1,692 stocks ended in the green, while 1,652 names settled with cuts. No fewer than 73 stocks hit 52-week highs, mostly in the small cap space. Meanwhile, 34 names hit 52-week lows, mostly in the microcaps space.
About 313 stocks reached the upper limits of the circuit and 224 the lower limits of the circuit. European markets were trading higher. The London-based FTSE rose 0.90% while Paris and Frankfurt climbed 0.59% and 0.49%, respectively. In Asia, with the exception of South Korea, all markets finished in the red.