In rollercoaster ride, Indian stock indices close in red; Sensex dips over 200 pts

New Delhi [India], March 10 (ANI): Indian stock indices, after a rollercoaster ride, closed the day marginally in the red, largely over US tariff-related worries and a weak Rupee.

Sensex closed at 74,115.17 points, down 217.41 points or 0.29 per cent, while Nifty closed at 22,460.30 points, down 92.20 points or 0.41 per cent. Today's high and low were at 74,741.25 points and 74,022.24 points, respectively.

Reportedly, Indian stock indices took a breather last week after a prolonged slump. The Nifty 50 posted its best week in three months, while the Sensex logged its highest weekly gains since January-end.

"Global headwinds continue to drag the market sentiment, with the rise in US unemployment rates and tariffs leading to uncertainty, indicating that volatility is here to stay for the near term," said Vinod Nair, Head of Research, Geojit Financial Services.

"The domestic macros are favouring investors to start accumulating the beaten-down stocks with caution in the short term, while the long term appears attractive. A slew of economic indicators this week, US and India CPI data, will be keenly watched by investors for any ease in the current volatility," Nair added.

The stock indices globally are tumbling amid heavy selling due to escalating concerns about a global trade war with the US increasingly slapping tariffs. Uncertainties around the tariffs are causing more volatility.

Since assuming office for second term, US President Donald Trump has reiterated his stance on tariff reciprocity, emphasising that the United States will match tariffs imposed by other countries, including India, to ensure fair trade. This has likely kept investors on tenterhooks.

Domestic stock markets are also under pressure due to the continued outflow of foreign portfolios from India.

Sensex is now about 12,000 points below its all-time high of 85,978 points. Sensex has so far slumped about 6 per cent this New Year.

Weak domestic economic growth and corporate earnings have also been reflecting on the domestic stock markets.

In 2024, Sensex and Nifty accumulated a growth of about 9-10 per cent each. In 2023, Sensex and Nifty gained 16-17 per cent, on a cumulative basis. In 2022, they gained a mere 3 per cent each.

Weak GDP growth, foreign fund outflows, rising food prices, and slow consumption were some of the hurdles, keeping many investors at bay in 2024. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)