The Indian stock market began the first trading week of March on a positive note. Around 9:36 AM, the BSE Sensex climbed close to 100 points and traded near 73,300, while the NSE Nifty50 inched up 35 points to stand above 22,150.
However, as markets progressed the indices failed to maintain the momentum and slipped in red. As of 9:58 AM, the Sensex tanked more than 200 points and fell under 73K, while the Nifty declined over 50 points and traded at 22,069.55.
On the 30-share Sensex platform, UltraTech Cement, M&M, Tech M, HCL Technologies, and Infosys emerged among the gainers in the session. Meanwhile, IndusInd Bank, Reliance, Axis Bank, Bajaj Finserv, and Adani Ports were among the laggards.
Macro Indicators
In the broader markets, the Nifty Microcap 250 dominated in red and plunged close to 2.5 per cent in the session so far, followed by the Nifty Smallcap 250 index tanked 2.13 per cent.
Sectorally, the Oil & Gas index declined 2.28 per cent, followed by the PSU Bank index which bled 1.89 per cent.
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Rupee Vs Dollar
The Indian rupee appreciated 9 paise to touch 87.28 against the US dollar in early trade on Monday, as the American currency index retreated from an escalated level. Forex traders explained that foreign capital withdrawal is expected to be on pause after the latest data revealed that the Indian economy grew at 6.2 per cent in the October-December period.
However, they added that volatility is anticipated to continue based on concerns from the US tariffs and this has also led to a surge in crude oil prices.
Foreign institutional investors (FIIs) dumped Indian equities worth Rs 11,639.02 crore on Friday, official exchange data revealed. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, noted, "The main triggers for the sustained FII selling in India have been the high valuations and the attractive US bond yields. These important macros are undergoing a slow shift."