The Indian stock market faced a sharp correction on March 2, as investors reacted to rising geopolitical tensions between the US and Iran. The Sensex tumbled over 1,000 points, while the Nifty slipped below the 24,900 mark, reflecting a wave of cautious sentiment across the broader market.
Global cues were weak, and surging crude oil prices weighed heavily on investor confidence. The market opened in the red, with the Nifty touching 24,600 in early trade before attempting a partial recovery. However, the indices ended the day firmly in negative territory.
Market Performance Overview
- Sensex: Closed at 80,238.85, down 1,048.34 points (-1.29%)
- Nifty: Closed at 24,865.70, down 312.95 points (-1.24%)
- Nifty Midcap & Smallcap Indices: Both fell approximately 1.5%
Sectoral performance showed broad weakness, with most segments closing lower. Auto, Consumer Durables, and Oil & Gas led the declines, each down around 2%. Only metals managed to hold ground amidst the sell-off.
Key Movers of the Day
- Major Losers: L&T, Interglobe Aviation, Adani Ports, Tata Motors Passenger Vehicles, Adani Enterprises
- Notable Gainers: Bharat Electronics, Sun Pharma, ONGC, Dr. Reddy's Laboratories, Hindalco
The broader market also saw a spike in 52-week lows, highlighting widespread selling pressure. More than 840 stocks touched their annual lows, including:
- Rail Vikas Nigam
- Trident
- IRB Infra
- Adani Total Gas
- Ola Electric
- Ircon International
- Balkrishna Industries
- AWL Agri
- IRFC
- Suzlon Energy
- Latent View
- AAVAS Financier
- Sterling Wilson
- Bajaj Housing
- Jupiter Wagons
- Sagility
- UCO Bank
- Alkyl Amines
IPO & New Listing Highlights
- Shree Ram Twistex: Shree Ram Twistex made a weak market debut, with shares closing 29% lower at Rs 68 per share. The IPO had been priced in the range of Rs 95-104 per share, raising a total of Rs 110 crore.
- Clean Max: Shares ended 18.5% lower, listing at Rs 960 per share on the NSE. The IPO, priced at Rs 1,000-1,053 per share, had a total size of Rs 3,100 crore.
Both new listings saw discounts compared to their issue price, signaling a cautious start for retail and institutional investors in recent IPOs.
Summary
The Indian equity market faced a day of selling pressure as global uncertainties and rising crude oil prices dominated sentiment. With Sensex losing over 1,000 points and Nifty dipping below 24,900, investors were clearly wary, reflected in broad-based declines across sectors and record-low touches by multiple stocks.
Market activity will pause on March 3 due to Holi, giving investors time to assess global developments and their potential impact on Indian equities.
Source: Moneycontrol
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