The Indian stock market extended its losses for the fourth consecutive day as heavyweights continued to feel the heat. The BSE companies erased market capitalisation worth Rs 2.10 lakh crore today and a whopping Rs 6.50 lakh crore in just two days.

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The market capitalisation of BSE companies is now at its lowest level since July 2022.

The Nifty index closed near 17,050 after breaching the 17,000 level intra-day. The Nifty Bank closed in the red but relatively outperformed amid the volatility.

The Sensex fell 338 points to 57,900, and the Nifty fell 111 points to 17,043. The Nifty Bank slipped 153 points to 39,411, and the mid-cap index fell by 157 points to 29,949.

Several heavyweights dragged the Nifty down, including TCS, Infosys, Kotak Bank, and ITC. However, ICICI and Bharti offered some support. Additionally, five Nifty stocks, including RIL, Divi's, Cipla, HDFC Life, and Tata Cons, hit 52-week lows.

Adani Group stocks saw selling pressure, with stocks down by up to 7 percent. Ambuja slipped 4 percent, and ACC fell 2 percent following reports on 'ownership.' IT stocks like Coforge, Mphasis, and Persistent fell due to their exposure to US banks.

According to reports, Bandhan Bank plans to foray into insurance, and its stock hit a 52-week low. However, PVR, Zee, USL, M&M Fin, Petronet, and NCC gained in a weak session.

The market breadth favoured declines, with an advance-decline ratio of 2:5.

Rupee ended at 82.49/$ against Monday’s close of 82.12/$.

Also read: Stock Market Highlights: Nifty 50 ends below 17,100, Sensex down over 250 points

First Published:Mar 14, 2023 3:48 PM IST