Sensex, Nifty crash over 1.5% amid foreign fund outflows, concerns over earning season
The Hindu
Benchmark equity indices Sensex and Nifty crashed 1.6% on January 6 due to an across-the-board selloff, as concerns over third-quarter earnings growth and the continued flight of foreign capital sapped risk appetite.
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.
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