Indian equity benchmarks closed deep in the red on March 31, with the Nifty 50 ending at 22,331.40, down 488 points or 2.1%, while the Sensex plunged 1,499 points or 2.0% to settle at 72,084. The session marked a broad-based selloff as market participants headed into the fiscal year-end.
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 22,331.40 | -488 | -2.14% |
| BSE Sensex | 72,084 | -1,499 | -2.04% |
Banking Stocks Lead Retreat
The decline was led by banking heavyweights, with the Nifty Bank index crashing 3.8% to close at 50,275.35. The broader Nifty Financial index shed 3.5% to end at 23,521.80, underscoring the sectoral pressure that weighed on the headline benchmarks throughout the session.
Among individual stocks, Bajaj Finance was cited as a notable laggard, with shares closing at ₹801.55. Bank of Baroda ended at ₹247.60 and Canara Bank at ₹123.45, reflecting the sector-wide weakness. On the other side, PowerGrid stood among the relative outperformers, closing at ₹295.50, while Reliance Industries ended at ₹1,348.10.
GIFT NIFTY Tracks Cash Market Lower
GIFT NIFTY mirrored the domestic selloff, opening at 22,451.50 and trading in a volatile 240-point range between a low of 22,450.00 and a high of 22,690.00. The contract saw sharp intraday swings, with late-session pressure dragging the index lower in afternoon trade.
| Parameter | Level |
|---|---|
| Open | 22,451.50 |
| High | 22,690.00 |
| Low | 22,450.00 |
| LTP | 22,507.50 |
| Change | +73.00 (+0.33%) |
GIFT NIFTY closed Session I at 22,507.50, up 73 points or 0.3% from the previous close of 22,434.50. The contract showed resilience in the final hour, recovering from mid-session lows even as the domestic cash market remained under pressure. The index now heads into Session II with a modest premium to the Nifty 50's closing level, setting up for potential overnight volatility.