Sensex Dips into Red as All Sectors Experience Declines
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Mumbai, Jan 6 (NationPress) The Indian stock market plummeted in the afternoon trading session on Monday, following an optimistic opening.
Both benchmark indices experienced a drop of over 1 percent.
Every sectoral index was in the red, with the Nifty PSU Bank index suffering a decline of more than 3 percent.
Automobile, metal, real estate, and media sectors all reported losses exceeding 2 percent.
By around 12:00 pm, the Sensex was at 77,979.54, reflecting a decrease of 1,243.57 points or 1.57 percent, while Nifty stood at 23,607.35, down by 397.40 points or 1.66 percent.
On the National Stock Exchange (NSE), 291 stocks were on the rise, while 2,221 stocks faced declines.
Nifty Bank fell by 930.85 points or 1.83 percent, ending at 50,057.95.
The Nifty Midcap 100 index settled at 56,604.75, having dropped 1,326.30 points or 2.29 percent.
The Nifty Smallcap 100 index was recorded at 18,552.30, down 481.40 points or 2.53 percent.
Within the Sensex pack, top losers included Tata Steel, Kotak Mahindra Bank, Asian Paints, Power Grid, NTPC, M&M, Ultra Tech Cement, IndusInd Bank, Zomato, Maruti Suzuki, HDFC Bank, Reliance, and Nestle India.
Experts suggest that the market is likely to be swayed by negative influences on FII flows, balanced by some positive domestic factors that might support the market.
"The external macro environment remains unfavorable, with the dollar index at 109 and the 10-year US bond yield at 4.62 percent. FIIs are expected to continue selling until yields decrease and the dollar stabilizes," they commented.
Foreign Institutional Investors (FIIs) sold shares worth Rs 4,227.25 crore on January 3, while domestic institutional investors purchased equities valued at Rs 820.60 crore on the same day.
