Indian equity markets traded lower on Tuesday, March 11, as a broad sell-off in Asian markets and overnight weakness in US markets weighed on investor sentiment. Concerns over a potential recession in the US, triggered by trade tariffs proposed by US President Donald Trump, intensified economic uncertainty, leading to a widespread decline in global markets.
As of 12:05 pm, the benchmark NIFTY50 dropped 40 points, or 0.23%, to 22,405, while the BSE SENSEX slid over 200 points, or 0.30%, to 73,891. The volatility index, India VIX, rose 1.5% to 14.20, reflecting increased market uncertainty.
Sectoral Performance
The NIFTY IT and NIFTY Bank indices emerged as the biggest losers, falling 1.4% and 0.8%, respectively. Meanwhile, NIFTY Realty and NIFTY Oil & Gas outperformed, rising 2.9% and 0.62%, respectively.
Market Pressure Due to Global Concerns
US markets saw a sharp decline on Monday over fears that Trump’s trade tariffs could push the country into a recession. The heightened economic uncertainty prompted a sell-off across global markets, impacting domestic sentiment.
Major Stocks at 52-Week Lows
A total of 152 stocks hit their 52-week lows on Tuesday, underscoring the market’s broad-based weakness. Some of the major stocks that touched their lowest levels include:
1. IndusInd Bank (₹670)
Shares of IndusInd Bank plunged 20% to hit their 52-week low of ₹720.35 on the NSE. The steep decline came after the bank reported discrepancies in its derivative portfolio, which could have an adverse impact of 2.35% on its net worth. Adding to the pressure, the Reserve Bank of India (RBI) recently cut short the tenure of managing director and CEO Sumant Kathpalia to one year instead of three.
2. Titan Company (₹3,010)
Titan Company shares slipped 0.5% to ₹3,010, marking a 7.5% decline over the past month and a nearly 19% loss over the past year. Analysts fear that US-export centric companies like Titan could face pressure if the US imposes reciprocal tariffs on India from April 2, 2025, affecting the jewellery and diamond export business.
3. IDFC First Bank (₹55.03)
IDFC First Bank fell 2.4% to ₹55.03 on the NSE, down over 10% in the past month and more than 31% over the past year. The bank reported a 15% year-on-year decline in net profit due to higher provisions for bad loans in the microfinance segment, despite a 14% increase in net interest income (NII).
4. Shoppers Stop (₹483.2)
Shoppers Stop shares declined 2.7% to ₹483.2, extending losses to 14% over the past month and over 36% in the past year. The company recently launched a reimagined luxury shopping experience, Shoppers Stop 2.0, at its flagship store in Mumbai’s Inorbit Mall. Additionally, its beauty segment, SS Beauty, opened its first exclusive fragrance store at Nexus Mall in Bengaluru.
Other Notable Lows
Other major stocks hitting their 52-week lows included 3i Infotech Ltd, Centrum Capital Ltd, Gensol Engineering Ltd, Dalmia Bharat Ltd, Yes Bank Ltd, Trident Ltd, Vedant Fashions Ltd (Manyavar), and One Mobikwik Systems Ltd.
