India’s benchmark indices, Sensex and Nifty, opened higher on March 3, attempting a rebound after their longest monthly losing streak since 1996. However, despite a surprise uptick in India’s GDP growth global trade uncertainties weighed on sentiment, causing both indices to erase early gains 
Fresh data released on February 28 showed that India’s economy grew 6.2% in Q3 FY25, fueled by robust government and consumer spending. Despite this, investor sentiment remained shaky due to ongoing concerns about slowing domestic growth and aggressive U.S. tariffs
Market Snapshot at 9:50 AM
- Sensex: Down 180 points (-0.3%) at 73,015
- Nifty: Down 40 points (-0.2%) at 22,084
- Advances vs Declines: 457 stocks gained, while 1,405 declined on NSE
This comes after a steep sell-off in the previous session, where both indices plunged nearly 2% to nine-month lows Since their September peaks the Nifty and Sensex have dropped 16% and 15%, respectively, while mid- and small-cap indices have entered bear market territory, declining over 20%.
Foreign vs Domestic Investors
- FIIs (Foreign Institutional Investors): Sold ₹58,988 crore worth of Indian equities in February
- DIIs (Domestic Institutional Investors): Bought ₹64,853 crore worth of stocks, helping cushion the fall
Expert Take
Vipul Bhowar, Senior Director – Waterfield Advisors, pointed out:
- Expensive valuations & weak corporate earnings are driving sustained foreign outflows
- US bond yields & a strong dollar are shifting investor focus away from Indian markets
- **Volatility is expected to persist** until clearer signs of a recovery emerge
**Sectoral Performance**
- **Gainers**:
- **Nifty IT**: **+0.6%** (Led by **Infosys & Wipro**)
- **Nifty Auto**: **+0.3%** (Boosted by **Mahindra & Mahindra, Eicher Motors**, up nearly **2%**)
- **Losers**:
- **Nifty Oil & Gas**: **-2%** (**Dragged down by RIL, ONGC & Indian Oil**)
**Top Gainers & Losers**
- **Biggest Losers**: **Axis Bank, ONGC, RIL, Coal India, IndusInd Bank** (-2% to -4%)
- **Top Gainers**: **Grasim, Eicher Motors, M&M, Wipro, UltraTech Cement** (+~2%)
**Technical Analysis – Key Levels to Watch**
According to **Hardik Matalia, Derivative Analyst at Choice Broking**:
- **Resistance**: **22,300** → A breakout could push Nifty to **22,530-22,670**
- **Support**: **21,929** → A breakdown could drag it down to **21,718**
**Global Cues**
- **Wall Street** saw a **modest recovery on February 28**, despite geopolitical tensions over a White House meeting with **Ukraine’s President Zelenskiy**
- **Asian markets remain jittery**, as investors brace for **potential new U.S. tariffs** impacting global trade
**Outlook:** The market remains volatile, with foreign outflows and global economic uncertainty pressuring indices. Investors are likely to stay cautious until a clearer recovery trend emerges.
