Stock market ends in red amid Supreme Court directive and international jitters

The BSE Sensex and Nifty closed in the red, reflecting investor caution due to several market factors.

Sensex experienced a sharp drop of 616.75 points, closing at 73,502.64, while Nifty also saw a decline of 160.90 points, closing at 22,332.65.

Among Nifty companies, 17 advanced while 33 declined. Notable gainers included Apollo Hospitals, Nestle India, SBI Life, Cipla, and Dr Reddy, while Tata Consumer Services, Power Grid, Bajaj Auto, Tata Steel, and SBI emerged as top losers.

The decline intensified following the Supreme Court's directive to the State Bank of India (SBI) to disclose details of electoral bonds by March 12. This led to a more than 1 per cent fall in SBI shares.

Additionally, Tata Steel, Power Grid, Tata Power, IndusInd Bank, NTPC, HDFC Bank, Kotak Bank, L&T, Infosys, and ICICI Bank were among the top losers.

Varun Aggarwal, founder and managing director, Profit Idea, said, "In the broader markets, the BSE MidCap index slipped 0.15 per cent, while the BSE SmallCap index fell by 1.5 per cent. With the exception of the Nifty FMCG, Pharma, and PSU Bank indices, all other sectors experienced downward pressure, with losses of up to 0.8 per cent."

He added, "On Wall Street, chip stocks retreated from their record highs, contributing to an overall lower close for the week. Dow e-minis were down 0.35 per cent, S&P 500 e-minis fell by 0.2 per cent, and Nasdaq 100 e-minis declined by 0.19 per cent."

European shares also started the week weakly, mirroring the sell-off in Asian equities, with investors remaining cautious ahead of key U.S. inflation data scheduled for release this week. The pan-European STOXX 600 was down 0.4 per cent.

Asian equities faced declines, with losses in Australia, South Korea, and Japan. Japanese equities experienced their biggest one-day drop since October, primarily due to losses in the tech sector, while Hong Kong equity futures traded higher.

Japan's economic growth expanded in the fourth quarter, fueling expectations of a potential interest rate hike by the Bank of Japan, its first since 2007.

The focus this week remains on Tuesday's US consumer price index figures, which are expected to show a further slowdown in core prices, potentially impacting Federal Reserve rate cut expectations. (ANI)