Synopsis
The Indian stock market opened lower on March 11 due to weak global cues, with significant declines seen in key sectors. Analysts attribute this trend to US tariff policies and market uncertainties. Despite this, India is currently outperforming the US market, showcasing resilience amidst global downturns.Key Takeaways
- Indian markets opened lower due to global cues.
- Selling pressure in IT, media, and private banks.
- Sensex down by 371.74 points.
- Nifty Bank index decreased by 349.75 points.
- India is outperforming the US market.
Mumbai, March 11 (NationPress) The Indian equity benchmark indices opened lower on Tuesday as a result of weak global cues, with notable selling pressure in the IT, media, and private bank sectors during early trading.
By approximately 9:35 am, the Sensex was down by 371.74 points or 0.50 percent, standing at 73,743.43, while the Nifty fell 104.25 points or 0.46 percent to 22,356.05.
The Nifty Bank index decreased by 349.75 points or 0.73 percent, reaching 47,867.05. Additionally, the Nifty Midcap 100 index was at 47,872.30 after a drop of 567.80 points or 1.17 percent. The Nifty Smallcap 100 index settled at 14,946.10, down 252.05 points or 1.66 percent.
Market analysts attribute the decline to US President Donald Trump’s inconsistent tariff policies, which have contributed to heightened uncertainty impacting US markets.
“The S&P 500 and Nasdaq fell 2.6 percent and 4 percent, respectively, yesterday, reflecting the market’s reaction to Trump's tariffs and concerns of a potential US recession by year-end. We will need to monitor how this situation evolves,” they observed.
A notable outcome of the current market correction is that India is outperforming the US.
In the past month, while the S&P 500 has decreased by 7.5 percent, the Nifty's decline is only 2.7 percent. Furthermore, the dollar index has fallen from 109.3 at the onset of Trump’s presidency to 103.71 now.
Within the Sensex pack, IndusInd Bank, Infosys, Zomato, Tech Mahindra, HCL Tech, M&M, Tata Motors, TCS, PowerGrid, NTPC, and Bajaj Finance were among the major losers, while ICICI Bank, Maruti Suzuki, Sun Pharma, ITC, Adani Ports, and Titan emerged as the top gainers.
In the previous trading session, the Dow Jones dropped 2.08 percent, closing at 41,911.71. The S&P 500 fell 2.70 percent to 5,614.56, and the Nasdaq slid 4.00 percent to close at 17,468.32.
In Asian markets, countries like Japan, Seoul, Bangkok, China, Jakarta, and Hong Kong were all trading in the red.
On March 10, foreign institutional investors (FIIs) continued their selling spree, divesting equities worth Rs 485.41 crore. Conversely, domestic institutional investors (DIIs) purchased equities worth Rs 263.51 crore on the same day.
