Indian equities witnessed a sharp selloff on March 12, with the Nifty 50 closing deep in the red as selling pressure intensified across sectors. The benchmark Sensex tumbled 800 points while broad-based weakness dragged indices lower in a volatile session that saw sustained pressure from opening through the close.
Indian Market Closing Summary
| Index | Close | Change (Points) | Change (%) |
|---|---|---|---|
| Sensex | Data Limited | -800+ points | Data Limited |
| Nifty 50 | Below Key Levels | Significant Decline | Data Limited |
The selloff was broad-based with most sectors participating in the decline. Market participants witnessed sustained selling through the day as concerns weighed on sentiment.
GIFT NIFTY Session Snapshot
GIFT NIFTY tracked the weakness in Indian cash markets, closing at 23,717, down 181 points or 0.76 percent from the previous close of 23,898. The SGX derivative opened at 23,856 in early Asian trade and hit an intraday high of 23,894 before sellers took control.
| Parameter | Level |
|---|---|
| Last Traded Price | 23,717.0 |
| Open | 23,856.0 |
| High | 23,894.0 |
| Low | 23,617.5 |
| Change | -181.0 (-0.76%) |
The contract traded in a 276.5-point range, touching a session low of 23,617.5 around midday before staging a modest recovery into the close. The intraday price action showed early firmness giving way to sharp selling around the Indian market open, with GIFT NIFTY closely mirroring the cash market weakness through the afternoon.
Sectoral and Stock Moves
Among notable movers, Bajaj Finance led decliners with a 5.16 percent drop, while Axis Bank shed 4.62 percent. Maruti Suzuki traded in focus with moves between ₹13,721 and ₹13,909, while ICICI Bank fluctuated in the ₹1,287-1,315 range.
Bajaj Auto showed strength trading between ₹9,449.50 and ₹9,637.50, while SBI Life hovered in the ₹1,933-1,974 band. The Nifty's 52-week range stands at 21,743.65 to 26,373.20.
Market Outlook
GIFT NIFTY heads into Session II at 23,717, having shed nearly 200 points from the previous close. The derivative contract's weakness reflects the broad-based selling pressure that gripped Indian equities through the day as participants adopted a risk-off stance ahead of key domestic and global cues.