Indian Stock Market Declines, Nifty Drops Below 23,300

Mumbai, Jan 13 (NationPress) The Indian stock market commenced the day in the negative territory on Monday, reflecting weak global signals as there was significant selling pressure observed in the real estate, metal, FMCG, PSU bank, and automobile sectors.

At approximately 9.34 AM, the Sensex was recorded at 76,821.43, having fallen by 557.48 points or 0.72 percent, while the Nifty stood at 23,257.65, down by 173.85 points or 0.74 percent.

On the National Stock Exchange (NSE), 532 stocks were trading positively, whereas 1,744 stocks were facing losses.

Nifty Bank decreased by 279 points or 0.57 percent to reach 48,455.15. The Nifty Midcap 100 index was at 53,934.30 after a decline of 651.45 points or 1.19 percent. The Nifty Smallcap 100 index was at 17,472.70, down by 172.85 points or 0.98 percent.

Experts suggest that the market will likely remain under pressure due to strong headwinds.

The latest jobs data from the US indicating 256,000 job additions in December, which exceeded expectations of 165,000, has caused a reduction in anticipated rate cuts for 2025.

According to market analysts, “With US unemployment at 4.1 percent, the economy does not require any stimulus. This favorable economic update is proving detrimental for markets that were anticipating several rate cuts this year.”

Within the Sensex constituents, top losers included Zomato, M&M, Tata Steel, Power Grid, Tata Motors, ITC, HDFC Bank, Bharti Airtel, Asian Paints, Sun Pharma, and Kotak Mahindra Bank. Conversely, top gainers comprised IndusInd Bank, Axis Bank, Maruti Suzuki, HCL Tech, and TCS.

The Dow Jones fell by 1.63 percent, closing at 41,938.45. The S&P 500 dropped 1.54 percent to 5,827.00, and the Nasdaq declined by 1.63 percent, ending at 19,161.63 during the previous trading session on Friday.

In the Asian markets, indices in Jakarta, Seoul, Hong Kong, China, and Bangkok were also trading in the negative.

Foreign institutional investors (FIIs) continued to be net sellers for the sixth consecutive day, offloading equities worth Rs 2,254.68 crore on January 10, while domestic institutional investors purchased equities totaling Rs 3,961.92 crore on the same day.

The rupee depreciated by 5 paise, opening at a record low of 86.20 against the US Dollar on Monday. The rupee has been at a record low for three consecutive days.

skt/na