Stock market today: Sensex drops by 453.85 points; Nifty at 22,023.35, down 123 points – Times of India

by The Technical Blogs

NEW DELHI: Sensex on Friday dropped by 453.85 points to settle at 72,643.43 while Nifty declined by 123.30 points to settle at 22,023.35.
Small- and mid-cap stocks, which are more focused on the domestic market, showed slight gains early in the trading session, with a 0.8% and 0.45% increase, respectively. The stress test outcomes for these mutual funds are crucial as they will reveal how well these funds can manage sudden redemption pressures.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted the importance of the stress test results for mid and small-cap mutual funds.He emphasized the need for investors to focus on high-quality large-cap stocks with fair valuations rather than riskier small-caps with inflated valuations.
From the BSE Sensex stocks, companies like Infosys, M&M, Axis Bank, HCL Tech, and Tech Mahindra opened lower, whereas Bharti Airtel, Power Grid, SBI, Tata Motors, and JSW Steel began with gains.
Paytm witnessed a 5% upper circuit as it obtained a third-party application provider license from the country’s payments authority. This license will allow Paytm to continue offering payment services after its banking division shuts down.
RailTel Corporation of India shares surged by 9% following a significant work order of Rs 130 crore for a network connectivity project in Odisha.
In the sector-wise performance, Nifty IT, Bank, Auto, Metal, Pharma, and Oil & Gas sectors experienced declines, while Nifty Realty and Media sectors saw an increase.
In the global markets, Asian markets faced a decline, with the MSCI Asia ex-Japan index dropping by 1.1%. Wall Street also closed lower due to higher-than-expected US producer price index inflation in February, raising concerns about delayed interest rate cuts by the Federal Reserve.

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