Benchmark equity indices ended their seven-session winning streak on Wednesday and closed lower ahead of the monthly expiry session, as investors resorted to profit booking. Confusion over US’s tariff policies continued to keep investors on their toes.
After an initial uptick, Sensex and Nifty remained range-bound in the first half. However, profit booking in select heavyweights dragged the indices lower as the session progressed. Finally, the Sensex closed at 77,288.50, down 728.69 points or 0.93% from its previous close. The Nifty also slipped 181.80 points or 0.77%, ending the day at 23,486.85. Both indices had surged nearly 6% over the past seven trading sessions.
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The broader indices extended their decline on Wednesday, with the BSE Midcap and BSE Smallcap falling by 0.67% and 1.45%, respectively. On Tuesday, both had recorded declines of 1.13% and 1.63%, respectively.
“Uncertainty over US tariffs was a major concern, as investors remained cautious ahead of President Donald Trump’s tariff announcements scheduled for April 2, which could impact Indian exports, particularly in the IT and pharmaceutical sectors,” said Vaibhav Vidwani, Research Analyst at Bonanza Group.
Profit-booking also played a significant role, as the market had witnessed a rapid rise over the past week, prompting investors to secure gains, he added.
“Participants are booking profits ahead of the March derivatives contract expiry, while concerns over tariff discussions continue to weigh on sentiment,” said Ajit Mishra, SVP – Research, Religare Broking.
Overall, market breadth was heavily negative, with 3,115 stocks declining against 919 gainers.
Investors lost Rs 3.33 lakh crore in market capitalisation on Wednesday, bringing the total loss to Rs 6.68 lakh crore over the past two trading sessions.
Barring capital goods, all other sectoral indices on the BSE ended in the red. Oil & gas, realty, healthcare, utilities, and energy were the top sectoral laggards, falling up to 1.52%.
Stock Market Highlights: Wednesday woes; Nifty closes near 23,500, Sensex drops 700 points; Banking, pharma see deep cuts
NTPC, Zomato, Tech Mahindra, Bajaj Finance, and Axis Bank were the top Sensex losers,
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