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Indian Equities Tumble Amid Global Sell-off
9 Mar
Summary
- Benchmark indices ended sharply lower due to global market weakness.
- Nifty Bank index led losses, plummeting over 1,700 points.
- Rupee closed at a record low of 92.33 against the US dollar.
Indian benchmark indices experienced a sharp downturn on Monday, reflecting a broader global market weakness that fueled extensive selling pressure across domestic equities. The Sensex concluded at 77,566, down 1,353 points, while the Nifty fell 422 points, or 1.7%, to close at 24,028. Intraday, the Nifty dipped below the 23,700 mark before partially recovering.
Selling was pervasive, affecting 42 of the 50 Nifty stocks. The Nifty Bank index bore the brunt of the decline, dropping 1,763 points to 50,020, with major banking stocks like IDFC First Bank and Federal Bank among the top laggards. Broader markets also succumbed to pressure, with the Nifty Midcap index falling significantly. Market capitalization for BSE-listed firms saw an erosion of over ₹8 lakh crore.
All sectoral indices, except for Information Technology (IT), ended in the red. IT shares, including Wipro and Infosys, acted as a buffer against the steep decline. Oil marketing companies like IOC and BPCL faced sharp drops, losing up to 6% as crude oil prices surged past $100 per barrel. Volatility surged, indicated by a more than 23% rise in the India VIX, signaling heightened investor apprehension. The Indian rupee also hit a record closing low of 92.33 against the US dollar.
