Indian stock markets pulled back on March 26 after a solid seven-day rally, with investors choosing to cash in their gains.
Uncertainty over the US's planned tariffs—expected to kick in on April 2—and the lack of clarity on which countries or sectors might be spared also seemed to make traders hesitant.
It was a sea of red across all 13 major sectoral indices. IT stocks, which showed some spark in early trade, also gave up and closed lower. Pharma stocks, meanwhile, extended losses for a second day amid concerns that US President Donald Trump could include drug imports in his tariff plans.
The Nifty 50 dropped 0.77%, closing at 23,486 points, while the Sensex shed 0.93% to settle at 77,288 points. This marks the end of a seven-session run that saw both indices gain over 5.5%, rebounding from February’s sharp slump.
HDFC Bank, Infosys, Reliance Industries, Axis Bank and NTPC were the biggest drags on the Nifty 50, collectively knocking off 106 points—or 56% of the total 181-point fall. HDFC Bank alone pulled the index down by 31 points.
Among sectors, Nifty Media was hit the hardest, falling 2.40%. Other big losers included Nifty Oil & Gas, Nifty Realty, Nifty PSU Bank and Nifty IT, all down between 1% and 1.36%.
Broader markets were no better. The Nifty Midcap 100 ended 0.62% lower at 51,646 points, taking its two-day slide to 1.6%. The Nifty Smallcap 100 fell 1.17% to close at 15,920 points, down 4.2% over the past two sessions.
Out of the 50 stocks in the Nifty 50 index, 41 ended lower. NTPC dropped 3.4% while Tech Mahindra slipped 2.7%. Cipla, Bajaj Finance, BPCL, TCS and Axis Bank also lost between 2% and 2.3%. On the other end, IndusInd Bank managed a 2% gain, and Trent rose 2.6%. HCL Tech edged up 0.5%.
A total of 408 stocks touched fresh 1-year lows, according to Trendlyne data. The list includes NAPS Global India, Facor Alloys, NDL Ventures, SPP Polymer and others like Sunil Agro, Solve Plastic Products and Upsurge Seeds.
Twelve stocks saw double-digit declines. Salasar Techno, BLB Limited and Mukta Arts were among those sliding between 10% and 20%.
Zomato topped the volume charts, with 117.1 million shares changing hands across NSE and BSE. The stock ended down 3.11% at ₹203.29. Reliance Power wasn’t far behind with 111.2 million shares traded. NCC, Capri Global Capital and Ashok Leyland also saw strong trading volumes, each crossing the 50 million mark.
Around 180 stocks were locked in their lower circuit limits, with losses ranging from 5% to 20%. Goldstar Power tanked 20% to ₹8.2, while Motisons Jewellers fell 10% to close at ₹17.27.
(By arrangement with livemint.com)
