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| Photo Credit: Reuters
Benchmark equity indices Sensex and Nifty crashed 1.6% on Monday (January 6, 2025) due to an across-the-board selloff, as concerns over third-quarter earnings growth and the continued flight of foreign capital sapped risk appetite.
Besides, traders said that the new HMP virus scare, depreciating rupee and weak trend in Asian markets further weighed on sentiment.
Extending losses, the 30-share BSE benchmark Sensex tanked 1,258.12 points or 1.59% to close below the 78,000 level at 77,964.99. During the day, it plunged 1,441.49 points or 1.81% to 77,781.62.
The NSE Nifty slumped 388.70 points or 1.62% to 23,616.05.
From the 30-share blue-chip pack, Tata Steel, NTPC, Kotak Mahindra Bank, IndusInd Bank, Power Grid, Zomato, Adani Ports, Asian Paints, Mahindra & Mahindra and Reliance Industries were among the biggest laggards.
Titan and Sun Pharma were the only gainers.
“The Indian equity markets are witnessing a sharp decline today, with both Nifty and Bank Nifty slipping below their 200-day moving averages (DMA). The sell-off can be attributed to a rise in Foreign Institutional Investor (FII) selling and concerns surrounding the upcoming Q3 earnings season.
“Additionally, fears related to the new HMPV have added to the bearish sentiment, triggering fresh rounds of selling after the recent counter-trend pullback rally,” Santosh Meena, Head of Research, Swastika Investmart, said.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,227.25 crore on Friday after a day’s breather, according to exchange data.
In Asian markets, Seoul settled higher while Tokyo, Shanghai and Hong Kong ended lower.
European markets were trading on a mixed note. US markets ended in positive territory on Friday.
Global oil benchmark Brent crude dipped 0.25% to $76.32 a barrel.
The BSE benchmark tumbled 720.60 points or 0.90% to close at 79,223.11 on Friday. The Nifty tanked 183.90 points or 0.76% to 24,004.75.
Published – January 06, 2025 04:26 pm IST
