Sensex Nears 74,000 as IT and Private Banks Weigh on Markets

About 797 stocks are advancing as against 1901 stocks that are declining, thus indicating a positive sentiment in the broader market.

Market Update at 12:20 PM: Indian equities fell on Tuesday, led by information technology and private banks, tracking a broad sell-off across Asian markets after Wall Street tumbled overnight on fears that the U.S. economy could be careening into a recession.

The decline followed U.S. President Donald Trump's refusal on Sunday to predict whether the U.S. could face a recession amid worries over his tariff policies and heightening investor concerns about global economic stability.

Indian equities were trading lower, with Nifty trading down nearly 0.13 per cent at 22,430 and Sensex losing over 170 points at 73,945. After a gap down opening, the benchmark indices managed to jump back to yesterday’s close. IT and banking stocks added major drags to Nifty, which faced pressure from the US markets.

This was evident in the India VIX, which rose above the 14 mark up by 2 per cent during the day.

By midday, the top contributors to market gains were ICICI Bank (+36.28 pts), Bharti Airtel (+13.07 pts) and Sun Pharma (+12.37 pts). On the other hand, Infosys (-39.18 pts) and Indusind Bank (-32.56 pts) were trading in negative territory.

Broader indices were trading mixed, with Nifty Mid-Cap surging 0.11 per cent and Nifty Small-Cap down 1.17 per cent. Sectoral performance was mixed, seven out of 17 indices fell, led by Nifty IT and Nifty Private Bank, while Nifty Realty edged up 3 per cent. Nifty Healthcare was jumped by 0.66 per cent.

About 797 stocks are advancing as against 1901 stocks that are declining, thus indicating a positive sentiment in the broader market.

Market Update at 10:00 AM: Indian stock markets opened lower on Tuesday, mirroring a widespread decline across Asian markets. The sell-off came after Wall Street fell sharply overnight due to growing concerns that the U.S. economy might be heading toward a recession.

Investor sentiment weakened further after U.S. President Donald Trump, on Sunday, avoided making any predictions about a possible recession amid uncertainty over his tariff policies, adding to fears about global economic stability.

At 9:45 AM, Sensex was down 400 points, or 0.55 per cent, at the 73,710 level, while Nifty also tumbled by 94 points, 0.42 per cent at 22,365. On the broader level, Nifty Mid-cap dropped by 0.72 per cent, while Nifty Small-cap slipped by 1.72 per cent.

IT company Nifty IT, which earns a significant share of its revenue from the U.S., lost 1.2 percent.

In today’s trade India VIX has jumped above the 14 mark, up by 1 per cent, indicating an increase in market volatility.

Nifty Realty, Nifty Healthcare and Nifty Pharma are among the top gainers while Nifty IT, Nifty Private Bank and Nifty Media are among the top losers.

Sun Pharma, BPCL and ICICI Bank are among the top gainers while IndusInd Bank, Infosys and Mahindra & Mahindra are among the top losing stocks from the Nifty 50.

About 436 stocks are advancing as against 2048 declining stocks, thus indicating a negative sentiment in the broader market.

Pre-Market Update at 7:45 AM: Indian equity benchmark indices, Sensex and Nifty 50, are likely to start Tuesday’s session on a weaker note, influenced by a global market downturn. Asian markets were under pressure, while Wall Street closed significantly lower, with the Nasdaq recording its steepest single-day percentage decline since September 2022.

Gift Nifty was trading near the 22,350 level, approximately 136 points lower than the previous close of Nifty futures, signaling a weak opening for Indian stock market indices. 

US stocks experienced a sharp decline on Monday amid concerns that the economy might be heading toward a recession. The S&P 500 recorded its steepest single-day drop since December 18, while the Nasdaq saw its largest percentage decline since September 2022.

The Dow Jones Industrial Average tumbled 890.01 points (2.08 per cent) to close at 41,911.71. The S&P 500 fell 155.64 points (2.70 per cent) to 5,614.56, and the Nasdaq Composite dropped 727.90 points (4.00 per cent) to settle at 17,468.32.

Japan's economy grew at a slower rate than initially estimated in the October-December quarter. The country's GDP saw an annualized growth of 2.2 per cent during this period, lower than the earlier estimate of 2.8 per cent and below economists' median forecast. On a quarter-on-quarter basis, the revised data shows a 0.6 per cent expansion in price-adjusted terms, slightly lower than the 0.7 per cent growth reported on February 17.

In the Asian markets, Japan’s Nikkei 225 traded down by 0.40, and the Topix dropped 2.62 per cent. South Korea’s Kospi slipped 2 per cent, and the Kosdaq tanked by 2.07 per cent. Hong Kong’s Hang Seng index futures signaled a weaker open, traded down by 1.36 per cent.

Crude oil prices declined for the second consecutive day due to concerns that US tariffs might weaken economic growth and reduce energy demand, while OPEC continues to increase supply. Brent crude futures dropped 0.53 per cent to USD 68.91 per barrel, and US West Texas Intermediate crude futures slipped 0.74 per cent to USD 65.54 per barrel.

The US dollar index was mostly flat overnight as small rises against the Aussie and sterling were offset by losses on the yen and it settled at 103.89. The USD/INR was trading around 87.35, rising from the previous trade.

On March 10, 2025, foreign institutional investors (FII) sold shares worth Rs 485.41 crore, while domestic institutional investors (DII) bought shares worth Rs 263.51 crore.

Stocks that are banned for trading in the F&O segment on March 11, 2025, are BSE Ltd, Hindustan Copper Ltd, and Manappuram Finance Ltd.

Disclaimer: The article is for informational purposes only and not investment advice.