Indian equity benchmarks Sensex and Nifty50 fell around one per cent each on Friday amid weak global cues, after the launch of a share sale by US-based tech lender SVB Financial to shore up its balance sheet triggered a sell-off on Wall Street. A majority of sectors on Dalal Street were in the red at the end of the day marked with heavy selling, with financial, oil & gas, IT and metal shares being the worst drags on headline indices.

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Globally, investors awaited a jobs report from the world's largest economy due later in the day that could offer more clarity on the future course of benchmark interest rates, as major central banks such as the Fed continue to struggle to strike a balance between red-hot inflation and economic growth.

The Sensex shed 671.2 points to finish at 59,135.1, having fallen as much as more than 900 points during the session. The Nifty50 settled at 17,412.9, down 176.7 points from its previous close, after broadly moving within the 17,300-17,450 band through the day. 

Editor's Take | Anil Singhvi sees a strong base at 17,300

Zee Business Managing Editor Anil Singhvi believes the situation in the market could get a lot worse in the current fall if the Nifty50 broke the 17,300 level. On the upside, he expects significant moves once the 50-scrip gauge takes out the 17,800 level. 

Investors lost Rs 3.3 lakh crore in wealth in two back-to-back sessions on Dalal Street as the market capitalisation of BSE-listed companies came down to Rs 262.9 lakh crore, according to provisional exchange data. 

Adani Enterprises, HDFC Bank, HDFC, Apollo Hospitals, IndusInd Bank, SBI and Axis Bank were the worst hit among the 35 laggards in the Nifty50 basket. On the other hand, Tata Motors, NTPC, Maruti Suzuki, Britannia, PowerGrid, Titan and Adani Ports were the top gainers.

Top Nifty50 losers

Stock CMP Change (%)
Adani Enterprises (ADANIENT) 1,894.2 -3
HDFC Bank (HDFCBANK) 1,588.1 -2.6
Apollo Hospitals (APOLLOHOSP) 4,315 -2.3
HDFC 2,612 -2.1
IndusInd Bank (INDUSINDBK) 1,146 -2
State Bank of India (SBIN) 547.7 -2
Axis Bank (AXISBANK) 851 -1.9
Bajaj Finserv (BAJAJFINSV) 1,329.4 -1.7
Mahindra & Mahindra (M&M) 1,227.7 -1.6
ICICI Bank (ICICIBANK) 842.2 -1.6

Top Nifty gainers

Stock CMP Change (%)
Bajaj Auto (BAJAJ-AUTO) 3,821 0.2
Bharat Petroleum (BPCL) 325.5 0.2
Sun Pharma (SUNPHARMA) 955 0.2
Adani Ports (ADANIPORTS) 699 0.3
TITAN 2,376.6 0.4
POWERGRID 226.7 0.4
BRITANNIA 4,310 0.4
Maruti Suzuki (MARUTI) 8,600 0.7
NTPC 181 0.8
Tata Motors (TATAMOTORS) 436.8 1.1

Among heavyweights, the HDFC twins, Reliance, ICICI Bank and Axis Bank posed the maximum pressure on the 30-scrip index.

The entire financial services basket took heavy blows, with the Nifty Bank and the Nifty PSU Bank barometers closing around two per cent lower each.

dividend of Rs 20 per share. 

Broader indices Nifty Midcap 100 and Nifty Smallcap 100 fell 0.8-0.9 per cent. Overall market breadth remained in favour of the bears throughout the session, with an advance-decline ratio of 2:3 as 1,407 finished higher and 2,099 lower on BSE.

Global markets

Banking stocks led European markets lower in early hours, mirroring the losses across Asia, with the Stoxx 600 index down 1.5 per cent at the last count. 

Dow Jones and S&P 500 futures were down around half a per cent each, suggesting a negative start ahead on Wall Street. On Thursday, SVB shares lost 60 per cent of their value to end at $106 after the lender slashed its 2023 outlook.

Catch highlights of the March 10 session in the Indian share market here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.