Bears tighten grip: Nifty below 22,500 amid heavy sell-off

The domestic share market indices ended marginally lower on Wednesday amid  heavy selling in information technology stocks. At close, the Sensex was down 72.56 points or 0.10 percent at 74,029.76, and the Nifty was down 27.40 points or 0.12 percent at 22,470.50. About 1440 shares advanced, 2383 shares declined, and 129 shares unchanged.
IndusInd Bank, Kotak Mahindra Bank, Tata Motors, ITC, Bajaj Finance were the top gainers on the Nifty, while losers included Infosys, Wipro, Tech Mahindra, Nestle, TCS.On the sectoral front, auto, bank, pharma were up 0.5 percent each, while metal, IT, realty, telecom, PSU Bank, media were down 0.5-3 percent, according to information. BSE Midcap and smallcap indices down 0.5 percent each.
Rupee Close:
On 12 Mar'25,the Indian rupee advanced 2 paise to close at 87.19 against the US dollar on Wednesday amid volatile global sentiment on tariff uncertainties and some recovery in the American currency index. Forex analysts reportedly stated an upward move in crude oil prices also impacted the local unit and capped its gain as selling pressure in domestic equity and outflow of foreign capital continued, according to information.mAlso, market participants stayed cautious, awaiting cues from macroeconomic data to be released in India and the US later in the day.
Experts Outlook:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying, persistent uncertainties surrounding global trade and the fear of a U.S. recession continue to influence the domestic market's momentum. Despite the stabilisation in valuation to the 5-year average and signs of improvement in urban and rural demand, investor risk appetite remains subdued. Today's key concern is whether the ongoing correction happening in the US market can spill over to the global market. The US market is under pressure from weakening economic data and uncertainty over tariff policy. Market experts recommended to buy these five shares-Jindal Drilling and Industries, Bharti Hexacom, Kiri Industries, Hikal and TAJ GVK Hotels and Resorts.

(Business Correspondent)