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Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
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Sensex And Nifty Plunge Over 1 Per Cent Amid Mixed Cues, Realty Shares Drag

OMMCOM NEWS by OMMCOM NEWS
January 13, 2025
in Business
Indian Stock Market

Mumbai:  Indian stock market fell more than 1 per cent on Monday amid mixed global and local cues, including strong US employment data suggesting fewer rate cuts in 2025.

Among other factors that led to the market tumbling were rising crude oil prices, weakening rupee and massive foreign capital outflows which dragged the market, resulting in a loss of around Rs 12 lakh crore for investors.

Heavy selling was seen in realty PSU banks, metal, auto and pharma sectors. Realty sector ended in red with a decline of more than 6 per cent.

Sensex ended at 76,330.01, down by 1,048.90 points, or 1.36 per cent, and Nifty settled at 23,085.95, down by 345.55 points or 1.47 per cent.

According to experts, the global markets witnessed a significant sell-off, prompting a similar response in domestic markets due to strong US payroll data suggesting fewer rate cuts in 2025. This has strengthened the dollar, driven up bond yields, and made emerging markets less attractive.

Rupak De of LKP Securities said, “Bears remained at the helm as the Nifty continued to breach crucial levels. The index slipped below its previous swing low on the daily chart, indicating increasing bearishness.”

“However, it held the 23,000 mark, which remains a key level to watch. If the Nifty sustains above 23,000 over the next few days, it could signal a potential recovery. Conversely, a decisive fall below this level might trigger a deeper correction,” he added.

Nifty Bank ended at 48,041.25, down by 692.90 points, or 1.42 per cent. The Nifty Midcap 100 index closed at 52,390.4 after dropping 2,195.35 points, or 4.02 per cent, while the Nifty Smallcap 100 index closed at 16,922.10 after declining 723.45 points, or 4.10 per cent.

In the Sensex pack, Zomato, Power Grid, Tata Steel, NTPC, Tata Motors, Tech Mahindra, M&M, Asian Paints, Sun Pharma, Tech Mahindra, L&T, SBI, Bajaj Finance, HDFC Bank and ICICI Bank were the top losers. Whereas, Axis Bank, TCS, IndusInd Bank and Hindustan Unilever Limited were among the top gainers.

The FIIs remained net seller on sixth consecutive day, as they sold equities worth Rs 2,254.68 crore on January 10, on the other hand domestic institutional bought equities worth Rs 3,961.92 crore on the same day.

(IANS)

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