Market Performance on March 19, 2024:
- Bears dominated the market, leading to a significant decline.
- BSE Sensex entered negative territory for the year.
- Benchmark indices opened negatively and continued to decline throughout the day.
- Nifty and Sensex broke key support levels of 21,800 and 72,000, respectively, intraday.
Closing Figures:
- Sensex closed down by 736.37 points (1.01%) at 72,012.05.
- Nifty closed down by 238.20 points (1.08%) at 21,817.50.
Sectoral Performance:
- All sectoral indices ended in the red.
- Healthcare, IT, FMCG, Capital Goods, Oil & Gas, and Power segments experienced losses of 1-2 percent.
Market Sentiment and Factors:
- Indecision between bulls and bears observed in BankNifty's sideways trading, indicated by a doji candle.
- Investors exercised caution ahead of the US Fed meeting outcome scheduled for March 20.
- Market direction influenced by global events due to the absence of major domestic triggers.
Global Market Influence:
- Asia-Pacific markets largely declined following the Bank of Japan's decision to end its negative interest rate policy.
Company-Specific News:
- TCS witnessed a significant drop of over 3 percent after a block deal involving 2.2 crore shares.
- Other IT counters like Infosys, HCL Tech, and Wipro also traded with cuts, contributing to the decline.
- IT index fell over 2 percent, emerging as the worst-performing sector.
Impact of Crude Oil Prices:
- Investors were concerned about the surge in crude oil prices, with both Brent and WTI crude rising more than 4 percent in the previous week.
- Expectations of a tighter market drove the increase in crude oil prices, adding pressure to investor sentiment.
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