Sensex and Nifty 50 Extend Losses as Financial Services, IT, and Automobile Stocks Weigh Heavily.
The midday trading session on March 11 witnessed a continuation of the downward trend in the Sensex and Nifty 50, with both key indices slipping further. The Sensex declined by 0.4 percent to reach 73,833 levels, while the Nifty 50 saw a 0.3 percent decrease, reaching 22,423 levels by 11:48 am. The significant fall was primarily driven by weakness observed in stocks belonging to HDFC Bank and various Tata Group companies. Market breadth remained negative, with 2,332 shares declining, while only 1,022 shares managed to advance, and 102 shares remained unchanged.
Market Sentiment Cautious Ahead of Domestic and US Inflation Reports.
Investors remained cautious during the midday trading session on March 11, with looming concerns over upcoming inflation reports in both India and the United States, scheduled to be released on March 12. The awaited inflation data is expected to provide valuable insights into the timing of potential interest rate cuts, influencing market sentiment and investment decisions.
Asian Market Weakness Drags Sensex and Nifty 50 Down.
The negative sentiment in local markets mirrored the weakness observed in Asian markets earlier in the day, particularly in Japanese shares. Reports indicating a possible interest rate hike by the nation’s central bank contributed to the decline, adding to investors’ concerns and dampening market sentiment.
Broader Market Trends Show Mixed Performance.
While the Sensex and Nifty 50 faced notable declines, the broader market indices displayed a mixed trend during the midday trading session on March 11. The BSE Smallcap index witnessed a significant downturn, declining by 1.4 percent. In contrast, the BSE Midcap index showed resilience, managing to record a marginal increase of 0.3 percent, reflecting varied investor sentiment across different market segments.