Aniket PujariStock market crash: The Indian stock market continues to trade lower on Tuesday, on a broad sell-off in Asian markets following an overnight slump on Wall Street due to recession concerns in the U.S. Selling pressure was evident across all sectors.
At around 9:18 am, the BSE Sensex dropped by 375 points (0.51%) to 73,739, while the Nifty50 fell 140 points (0.62%) to 22,320.
Intense selling by foreign investors, concerns over trade wars, and global uncertainties significantly impacted investor sentiment, with sectors like pharmaceuticals and technology experiencing the steepest declines.
“Nifty traded in the positive territory for most part of the session but succumbed to selling pressure in the last hour, closing with a loss of 97 points at 22,460 (-0.4%). The sell-off was largely attributed to weak cues from Asian markets and a sharp decline in US stock futures. The broader market underperformed with Nifty Midcap100 and Smallcap100 declining by 1.5% and 2% respectively. All sectoral indices ended in the red, except for the FMCG sector which closed marginally up. Consumption stocks are expected to be in focus following news reports that the Finance Minister is considering a reduction in GST rates. We expect the market to remain largely range-bound in the absence of any significant domestic trigger. Investors will be closely monitoring the global developments including the US tariffs, geopolitical negotiations and their impact on the U.S. dollar/crude oil prices for further cues,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Adding to the weak market trend, this year has also brought a dramatic reversal for multibagger stocks. According to ET report, nearly 38 of last year’s multibagger stocks have lost up to half of their investors’ wealth. Among them, 10 stocks have declined by 35 per cent or more. Notably, the downturn in these stocks aligns with the broader downward trend in equities this year.
Some of the stocks within the 38 multibagger pack yielded returns exceeding 1000 per cent last year.
These two stocks suffered the most
Trident Techlabs
Trident Techlabs share price experienced a remarkable surge of 1,172% in its stock during the calendar year 2024. However, weak market conditions led to a subsequent decline of 35%.
Trident Techlabs share price is trading 5 per cent up on Tuesday at ₹980.30 at NSE.
KCK Industries
KCK Industries share price surged as much as 1043 per cent last year 2024. However, the stock saw a sharp decline of 28 per cent within the first two months of the year.
The stock is trading 2.29 per cent higher on March 11 at ₹47 at NSE.
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