Updated March 19th, 2024 at 12:24 IST

Sensex plunges 700 points, Nifty below 22K; IT, FMCG stocks drag

The NSE Nifty 50 index recorded a loss of 0.54% to 21,937.50, while the BSE Sensex index dipped by 0.53% to 72,360.78 as of 9:35 am.

Reported by: Business Desk
Stock market news | Image:Republic World

Stock market news: Benchmark indices, NSE Nifty 50 and S&) BSE Sensex kicked off Tuesday's trading session on a downtrend, with IT stocks leading the decline, notably impacted by Tata Consultancy Services' announcement of a stake sale worth $1.13 billion. This development, coupled with Asian peers reacting to the Bank of Japan's decision to hike interest rates for the first time in 17 years, contributed to the subdued market sentiment.

The NSE Nifty 50 index (NSEI) recorded a loss of 0.96 per cent to 21,844.50, while the BSE Sensex index (BSESN) dipped by 0.91 per cent to 72,088.85 as of 12:20 pm. The IT index (NIFTYIT) led the sectoral losses, declining by 1.4 per cent, with TCS emerging as the top loser, plunging by 3 per cent.


In pre-open trade, shares of Tata Consultancy Services (TCS.NS) registered a 2.4 per cent decline, following Tata Sons' announcement of its intention to sell shares worth up to Rs 9,362 crore in the information technology services giant.

Meanwhile, the broader market sentiment remains relatively unchanged, as consolidation persists near record high levels for the benchmarks.


Despite the ongoing selling pressure observed in broader markets, both the Nifty 50 and BSE Sensex logged modest gains of about 0.15 per cent on Monday, March 18. However, concerns regarding froth and elevated valuations persist, reflected in the declines of small-cap and mid-cap segments by 7.6 per cent and 3.8 per cent, respectively, over the same period.

Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services, commented, "Overall, we expect the benchmarks to consolidate in the next few days, while broader markets may continue to remain subdued."


Global markets exhibited mixed trends, with Asian markets slipping ahead of the Bank of Japan's policy decision, potentially signaling the end of the longest streak of negative interest rates. Conversely, Wall Street equities closed higher overnight, amid anticipation of the Federal Reserve's policy decision and commentary on future rate trajectory.

Stocks to watch

  • Tata Consultancy Services: Tata Sons plans to sell shares worth up to $1.13 billion in TCS.
  • Tata Steel: The company decided to halt operations of coke ovens at the Port Talbot plant in Wales due to operational stability concerns.
  • HG Infra Engineering: In a joint venture with Stockwell Solar Services, the company secured orders worth Rs 1,026 crore for its solar business.
  • Paradeep Phosphates: The company announced the shutdown of ammonia and urea plants at Goa due to a breakdown of synthesis gas compressor.

Published March 19th, 2024 at 09:43 IST