Indian Stock Market Closes Down, Sensex Remains Above 74,000
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Synopsis
On March 10, the Indian stock market faced a turbulent trading day, with the Sensex dropping 217 points while still maintaining a level above 74,000. The Nifty also experienced declines amid high selling pressure.
Key Takeaways
- Indian equity markets ended lower on March 10.
- Sensex closed at 74,115, down 217 points.
- Nifty recorded a decline of 92 points, closing at 22,460.
- Heavy selling pressure was noted with over 2,700 stocks declining.
- Major gains were seen in stocks like Hindustan Unilever and Infosys.
Mumbai, March 10 (NationPress) The Indian equity markets experienced a turbulent trading session on Monday, with benchmark indices giving up early gains and closing in the red.
The late-afternoon sell-off was influenced by unfavorable signals from US stock futures, where the Dow Jones futures dropped by 400 points and Nasdaq futures fell by over 1 percent amid ongoing uncertainties surrounding the Trump-era tariffs.
The Sensex began strong, climbing to an intra-day peak of 74,741, an increase of 407 points. However, intensified selling pressure in the last hours saw the index plummet over 700 points from its high to a low of 74,022.
Ultimately, the Sensex closed at 74,115, reflecting a decline of 217 points or 0.3 percent.
Likewise, the Nifty experienced volatility, peaking at 22,677 before dropping to a low of 22,429.
By the end of the trading session, the index finished at 22,460, down 92 points or 0.4 percent.
“From a technical perspective, the Nifty formed a shooting star candlestick pattern near the bearish gap zone of 22,668-22,720,” remarked Hrishikesh Yedve from Asit C. Mehta Investment Intermediates Ltd.
He noted that this indicates 22,720 will serve as an immediate resistance point for the Nifty, followed by the previous breakdown level of 22,800.
“On the downside, the 9-Day Simple Moving Average (9-DSMA) is positioned near 22,370, which will act as immediate support,” Yedve added.
He advised that as long as the index maintains above the 22,800 resistance, traders should consider buying near support levels and securing profits around the aforementioned resistance zones.
The market faced considerable selling pressure, with over 2,700 stocks declining on the BSE, contrasted with just over 1,100 stocks advancing.
Major losers in the Nifty included Reliance Industries, IndusInd Bank, Trent, ONGC, Eicher Motors, and Bajaj Auto.
In contrast, Power Grid Corporation, Hindustan Unilever (HUL), Infosys, SBI Life, and Nestle India were able to post gains.
Midcap and smallcap stocks also faced significant declines. The BSE Midcap index fell by 1.5 percent, while the Smallcap index decreased by 2.1 percent.
Sector-wise, most indices finished in the negative zone, except for FMCG, which exhibited some resilience.
Industries such as auto, consumer durables, metal, capital goods, oil & gas, realty, and PSU banks experienced declines ranging from 1 to 2 percent.
