Indian equities extended their losing streak for a third straight session on Wednesday, January 21, as weak global cues, persistent foreign investor selling and mixed December-quarter earnings kept sentiment fragile.
The Sensex slipped 271 points, or 0.33 percent, to close at 81,909.63. The Nifty 50 ended 75 points lower, or down 0.30 percent, at 25,157.50. Broader markets under-performed, with the BSE Mid-cap index falling 1 percent and the Small-cap index declining 0.80 percent.
Overall market capitalisation of BSE-listed companies fell by around ₹2 lakh-crore in a single session, declining to ₹454 lakh-crore from ₹456 lakh-crore in the previous session.
Why did the market fall?
The selloff was broad-based, driven by heightened geopolitical and geo-economic uncertainties, relentless foreign institutional investor (FII) outflows, mixed Q3 earnings and continued weakness in the rupee against the US dollar.
Vinod Nair of Geojit Investments said global risk factors kept domestic markets volatile, though value buying towards the close helped pare some early losses.
He added that subdued earnings from banking and IT companies are adding pressure, while the weak rupee and uncertainty around global trade could prolong volatility. However, selective buying opportunities may emerge as the earnings season progresses, supported by resilient domestic demand.
Top gainers on the Nifty 50
Eternal gained 4.90 percent, followed by InterGlobe Aviation (up 1.40 percent) and Max Healthcare Institute (up 1.32 percent).
Top losers on the Nifty 50
ICICI Bank fell 2.10 percent, Trent declined 1.98 percent, and Tata Consumer Products slipped 1.69 percent. In total, 27 stocks ended lower on the index.
Over 900 stocks at 52-week lows
As many as 916 stocks hit their 52-week lows on the BSE. Notable names included ITC, Trent, Dixon Technologies (India), Indian Hotels Company, Havells India, Suzlon Energy and Tube Investments of India.
(By arrangement with livemint.com)
