Benchmark indices Sensex and Nifty50 extended losses to slip to the day's low on March 13, with the index slipping below the 22,000 level. Sensex was weighed down by heavyweights Reliance and L&T offsetting gains in ITC shares after huge the block deal this morning. The sharp selloff in the broader market underscored a declining trend for a third session as some market voices expressed concerns over high valuations.The broader market underperformed the benchmark indices, with BSE midcap down 4 percent and BSE smallcap down 4.7 percent at 2.20pm. At 2.25pm, the Sensex was down 992.88 points or 1.4 percent at 72,675.08, and the Nifty 50 was down 369.40 points or 1.7 percent at 21,966.30. About 266 shares advanced, 3,118 shares declined, and 37 shares remained unchanged.
Adani Group stocks, including Adani Ports, Adani Enterprises, and Adani Green, faced significant losses ranging from 5% to 10% on Wednesday. The flagship Adani Enterprises shares extended their decline for the seventh straight session. The excessive valuations in the mid and smallcap segments driven by an irrational exuberance of retail investors has been a concern for many months now, said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. "It has taken a strong message from the regulator SEBI to trigger a correction in the Nifty Smallcap index by 10% from the February 8th peak," Vijayakumar added.The broader indices opened in mixed territory, with gain led by Largecap and Midcap stocks. Bank Nifty index opens higher by just 58.75 points or 0.12% to settle at 47,341.15.