Indian stock markets witnessed a historic downturn as the Nifty registered its fifth consecutive series decline, marking the first time in 29 years that this has occurred. The benchmark index fell by 4% in the February series and has now accumulated a more than 14% loss over the last five series, reflecting persistent bearish sentiment among investors.
Market performance today:
- Sensex gained 10 points to close at 74,612, ending the session flat.
- Nifty slipped by 2 points to 22,545, also ending the day flat.
- Midcap indices saw a significant cut of 1%, leading to market breadth remaining in favor of declines as midcaps underperformed.
Notable highlights:
- 6 Nifty stocks, including Tata Motors, SBI, and Hero MotoCorp, hit their 52-week lows, reflecting continued selling pressure in heavyweight counters.
- Nearly 20 stocks from the Nifty Midcap 100 also hit 52-week lows, highlighting weakness in the broader market.
The market’s downturn comes amid weak global cues, rising inflation concerns, and cautious investor sentiment. Analysts suggest that the continued underperformance of midcap stocks has contributed to the negative market breadth, with declines outpacing advances.
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