Stock Market Highlights on March 13, 2024: The stock markets witnessed a downturn on Wednesday, with NIFTY50 and SENSEX dropping 1.3% and 1.51% respectively. Several stocks in the small and mid cap segments were hit. Analysts believe today’s correction in the markets is healthy and investors may witness further pain in near term.
BSE Sensex closed the day at 72,761.89, down 906.07 points, while Nifty closed at 21,997.70, down 338 points. The following are top 10 highlights the stock markets today.
Stock Market Highlights Today
1. Heavyweight stocks like Reliance Industries, L&T, and Axis Bank led the decline today. Adani Enterprises, Adani Ports, Power Grid, Coal India, and NTPC were among the top losers on NIFTY50.
2. NIFTY Smallcap100 and NIFTY Midcap100 indices saw significant selling for the third consecutive day due to concerns over SEBI’s tighter risk disclosure norms.
3. Sectoral indices, except for NIFTY FMCG, traded lower, with NIFTY Media, Realty, and Metal indices being hit hard. Nifty Next 50 and Nifty Midcap Select indices dropped over 3%.
4. The NIFTY Bank Index dropped 0.64% to 46,981. Punjab National Bank, Bank of Baroda, Bandhan Bank, Federal Bank and IDFC First Bank were among the top 5 losers on Bank Nifty today.
5. On BSE, top 5 losers were Railtel, Paisalo, RITEs, Reliance Infra and Ace. The top 5 gainers today on BSE were ITC, Ajanta Pharma, Kalyan Jewellers, Shilpa Medicare, and Timken India ltd.
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6. Vedanta’s shares fell nearly 7% today to Rs 251.85. The decline follows SEBI’s directive to pay Rs 78 crore to Cairn UK Holdings and barring its board members from the capital market.
7. JG Chemicals shares debuted today at a discount of 5.4% at Rs 209 on the NSE and Rs 211 on the BSE, respectively.
8. SEBI’s oversight and elevated valuations are believed to be the main factors driving the correction in mid and small-cap stocks today. The sudden downturn also stems from a blend of factors shaking investor confidence. SEBI’s cautious warnings about overheating of mid and small-cap stocks have put mutual funds on edge, leading to disclosures of risks and a potential reining in of investments, setting off a chain reaction of sell-offs.
9. S&P BSE Bankex, S&P BSE Sensex 50, S&P BSE 100 and S&P BSE Bharat 22 Index also witnessed declines ranging from o.61% to 4.44% today.
10. Popular Vehicle and Service IPO’s Week Day 2: On the second day of bidding, the Popular Vehicles and Services IPO continued to garner tepid interest from investors, with only a 37% subscription rate by 11:05 am on March 13. The retail portion saw 64% subscription, while non-institutional investors’ (NIIs) segment lagged at 15%. Qualified institutional buyers (QIBs) showed minimal interest, subscribing to just 4,100 shares out of 39.7 lakh available.
Disclaimer: The above content is for informational purposes only. Please consult a SEBI-registered financial advisor before investing in equity stocks or mutual funds
