The Indian equity markets witnessed a sharp selloff on March 26, reversing early gains amid broad-based selling across sectors. The Sensex fell 730 points to close at 77,289, while the Nifty 50 lost 182 points, settling at 23,487. Investors remained cautious ahead of the U.S. tariff announcement expected on April 2, further weakening market sentiment.

Broader Market Performance

The broader indices mirrored the benchmark indices’ decline:

• Nifty Bank slipped 399 points to 51,209

• Nifty Midcap Index fell 324 points, closing at 51,646

• Market breadth was negative, with a 1:4 advance-decline ratio, as 40 out of 50 Nifty stocks ended in the red

Sectoral Selloff: IT, PSU, and Energy Stocks Drag Markets Down

Sector-wise, energy and realty stocks led the market decline, while IT heavyweights Tech Mahindra and Infosys erased their previous session’s gains.

Key losers in the Sensex pack:

• NTPC Ltd., Tech Mahindra Ltd., Bajaj Finance Ltd., Infosys Ltd., Axis Bank Ltd., and Wipro Ltd. all recorded significant losses.

• Public Sector Undertakings (PSUs) faced heavy selling, with NTPC and BPCL among the biggest Nifty losers.

Top Gainers: IndusInd Bank, Ashok Leyland, and Siemens Outperform

Despite the market downturn, some stocks managed to buck the trend:

• IndusInd Bank Ltd. surged 3%, emerging as the top Nifty gainer.

• Ashok Leyland gained 2% ahead of its board meeting.

• ZF Commercial jumped 6% following the Union Road Ministry’s directive on advanced braking systems.

• Siemens rallied 7% after NCLT’s approval for its energy business demerger.

• NCC climbed 5% after bagging ₹10,800 crore worth of orders from BSNL.

Midcap and Smallcap Performance: Zomato, Swiggy, and Healthcare Stocks Fall

Midcap stocks also faced heavy losses, with companies like Max Healthcare, IREDA, REC, HUDCO, CONCOR, and Aurobindo Pharma among the worst performers.

Food delivery stocks Zomato and Swiggy extended their decline, dropping 3-4% after a downgrade by BofA Securities.

Market Outlook: Investors Await U.S. Tariff Decision

With investor sentiment remaining cautious, all eyes are now on the U.S. tariff announcement scheduled for April 2. Analysts expect continued market volatility as global economic uncertainties persist.

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