Markets erase all gains, slip in red; financials only sectoral gainer

Equity benchmark indices reversed early morning gains today as caution about broader economic challenges soured sentiment, while investors waited for some key economic data due later in the week.

The Nifty 50 index was down 0.18% at 16,954.50. The S&P BSE Sensex fell over 400 points from day's high, down 0.11% to 57,589.50. 

Both the benchmarks had gained nearly 0.5% during the session. Since the failure of SVB on March 9, FPIs have offloaded Indian equities in ten out of the 11 sessions.

On the macro front, GDP and jobs data is due on March 30. 

All the 13 major sectoral indices declined, with the oil and gas stocks losing nearly 1%. UPL, Dr Reddy’s, Hindalco and Coal Indian among top gainers, laggards included Adani Ports, Adani Enterprises, BPCL, Tech Mahindra and Hero MotoCorp.

Meanwhile, the U.S. dollar declined for a second day against major peers as receding fears of a full-blown banking crisis sapped demand for the safest assets whereas the yen rebounded strongly from overnight losses.