Markets

After massive selloff in markets, Sensex down nearly 1,000 points

Deep cuts in PSU, power, infrastructure, metals, realty stocks have led to a sharp fall in the markets

March 13, 2024

Deep cuts seen across sectors

After a massive selloff in the market, Sensex plummeted almost 1,000 points. BSE Sensex was trading at 72,691.46 points, down by 976.5 points or 1.33 percent.

Deep cuts in PSU, power, infrastructure, metals, and realty stocks have led to a sharp fall in the markets.

Among the Sensex losers, Powergrid is down more than 7 percent, NTPC is down 6 percent, and Tata Steel is down more than 5 percent.

Deep cuts are being seen across sectors. The PSU stocks index is down more than 7 percent, the utilities index is down more than 7 percent, the realty index is down more than 6 percent, and the metals index is down more than 6 percent.

This adds to the misery in small caps which are down more than 5 percent. Mid-caps are down more than 4 per cent. SME IPO index is down more than 5 percent.

The market breadth is very negative with 90 per cent of the stocks declining. As many as 1053 stocks have hit the lower circuit indicating the extent of the selling pressure.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said in the near term investors should focus on the sustained weakness in the broader market, particularly the small-cap segment.

The excessive valuations in these segments driven by the irrational exuberance of retail investors have been a concern for many months now. But it has taken the strong message from the regulator SEBI to trigger a correction in the Nifty Small cap index by 10 percent from the February 8th peak.

[With Inputs from IANS]

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