Sensex nosedive 2,932; metal shares tumble for 3rd day; VIX spurts 56.10%

The key equity indices traded with significant losses in the morning trade, mirroring a global market rout driven by escalating trade tensions and mounting recession fears in the United States. The Nifty dropped below the 21,950 mark.

Metal shares extended losses for the third consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, slumped 2,932.17 points or 3.86% to 72,461.11. The Nifty 50 index tanked 958.70 points or 4.19% to 21,945.75.

In the broader market, the S&P BSE Mid-Cap index dropped 4.77% and the S&P BSE Small-Cap index tumbled 6.28%.

The market breadth was weak. On the BSE, 306 shares rose and 3,415 shares fell. A total of 145 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, climbed 56.10% to 21.47.

Economy:

India's foreign exchange (forex) reserves jumped $6.596 billion to $665.396 billion during the week ended March 28, according to the latest data from the RBI.

For the week ended March 28, foreign currency assets, a major component of the reserves, increased by $6.158 billion to $565.014 billion, the RBI data released on Friday showed.

Gold reserves increased by $519 million to $77.793 billion during the week ended March 28. The special drawing rights (SDRs) were down by $65 million to $18.176 billion, the RBI said.

India's reserve position with the IMF was also down by $16 million at $4.413 billion in the reporting week, the apex bank data showed.

Buzzing Index:

The Nifty Metal index tanked 7.93% to 7,747.20. The index plummeted 14.67% in three consecutive trading sessions.

Lloyds Metals & Energy (down 13.76%), Tata Steel (down 9.27%), Hindustan Copper (down 9.19%), National Aluminium Company (down 9.04%), Steel Authority of India (down 7.34%), Vedanta (down 7.32%), JSW Steel (down 6.79%), Hindalco Industries (down 6.48%), NMDC (down 6.47%) and Hindustan Zinc (down 6.23%) declined.

Stocks in Spotlight:

Godrej Properties dropped 6.86%. The company has entered into an agreement for development of a prime land parcel in Versova, Mumbai. This project is estimated to have a developable potential of approximately 4.4 lakh square feet of saleable area, with an estimated revenue potential of nearly Rs 1,350 crore.

Bajel Projects lost 7.09%. The company's board of directors has appointed Nitesh Bhandari as chief financial officer (CFO) & joint president of the company, effective from 1 May 2025.

KSB fell 5.28%. The company has received letter of award for a solar water project worth Rs 14 crore from Tripura Renewable Energy Development Agency. It secured another letter of award for a solar water project worth Rs 49 crore from Maharashtra State Electricity Distribution.

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