Sensex plunges 222 points, Nifty nears 22,420 amid global cues and IT stock sell-off. Weakness in US markets and FII selling pressure the market; CPI-IIP data awaited.
Stock Market Today: Indian stock markets opened higher on Wednesday (March 12), but failed to sustain the initial gains due to selling in IT stocks and foreign investor withdrawal. By 10:20 AM, the BSE Sensex was down 222.61 points (0.30%) at 73,879.71, and the NSE Nifty-50 had fallen 78.05 points (0.35%) to 22,419.85.
Market Opening: Positive Start
The Indian stock market opened on a positive note on Wednesday. The BSE Sensex opened at 74,270.81, up 168 points, while the Nifty-50 opened at 22,536, up 39 points. Bharti Airtel and select banking stocks saw gains, providing initial support to the market. However, heavy selling in IT stocks pulled the market down.
Factors Impacting the Market Today
- February's retail inflation (CPI Inflation) and January's Index of Industrial Production (IIP) data will be released today, which may increase market volatility.
- Uncertainty surrounding US President Donald Trump's tariff policies is also impacting investor sentiment.
- Increased selling by Foreign Institutional Investors (FIIs) continues to put pressure on the market.
Mixed Sentiment in Asian Markets
Most Asian indices are trading higher today, although the impact of the Wall Street decline is also visible.
- Japan's Nikkei index remained flat, but showed slight downward signs.
- The Topix index rose 0.69%, while South Korea's Kospi increased by 1.18%.
- Australia's ASX 200 index fell by 1.6%.
Sharp Decline in US Markets
Selling continued in the US markets.
- The Dow Jones fell by almost 500 points on Tuesday, bringing its total decline over two days to 1,400 points.
- The S&P 500 saw a 0.8% drop.
- The Nasdaq performed relatively better, closing only 0.2% lower.
- Volatility in US trade policy has reduced market and consumer confidence.
Market Movement Yesterday
The domestic market witnessed volatility on Tuesday (March 11).
- The BSE Sensex opened at 73,743.88 and reached an intraday high of 74,195.17. It eventually closed 12.85 points (0.02%) lower in the red.
- The NSE Nifty-50 opened at 22,345.95 and reached a high of 22,522.10. It finally closed 37.60 points (0.17%) higher at 22,497.90.
