- Wednesday, January 22, 2025
Among Sensex shares, Zomato fell the most by 10.92 per cent due to weak Q3 earnings. Adani Ports, ICICI Bank and Reliance Industries were among the major laggards
By: India Weekly
BENCHMARK Sensex tanked 1,235 points to settle at more than seven-month low due to an across-the-board selloff triggered by global tariff war worries and persistent foreign fund outflows, making investors poorer by over ₹7 trillion (£66.06bn).
The 30-share BSE Sensex plummeted 1,235.08 points or 1.60 per cent to settle at 75,838.36 dragged by losses in ICICI Bank and Reliance Industries.
During the day, the BSE benchmark plummeted 1,431.57 points or 1.85 per cent to hit an intraday low of 75,641.87.
The broader NSE Nifty plunged 320.10 points or 1.37 per cent to close at 23,024.65, a level not seen since June 6, 2024. In the intraday trade, the NSE Nifty plunged 367.9 points or 1.57 per cent to 22,976.85.
“Domestic markets experienced a significant decline today, with heightened volatility, followed by Trump’s announcement of trade tariffs on neighbouring countries on his inauguration day, adding uncertainty into global markets.
“The weak recovery in the ongoing Q3 earnings, coupled with a depreciating INR, are likely to prompt further outflows from FIIs,” Vinod Nair, Head of Research, Geojit Financial Services said.
Among Sensex shares, Zomato fell the most by 10.92 per cent due to weak Q3 earnings.
Zomato on Monday (20) reported a 57.2 per cent drop in consolidated net profit for the December quarter, with its margins facing pressure due to aggressive store expansion to meet orders from its quick-commerce platform Blinkit.
NTPC, Adani Ports, ICICI Bank, State Bank of India, Reliance Industries, Mahindra & Mahindra, Bajaj Finance, Tech Mahindra and Axis Bank were among the major laggards.
UltraTech Cement and HCL Technologies were the only gainers.
The BSE midcap gauge declined 2 per cent and smallcap index slumped 1.94 per cent.
Among BSE sectoral indices, Realty nosedived the most by 4.22 per cent, followed by Consumer Durables (3.99 per cent), Consumer Discretionary by (2.90 per cent), Services (2.86 per cent), Power (2.63 per cent), Telecommunication (2.52 per cent) and Utilities (2.35 per cent) were among the laggards.
As many as 2,788 stocks declined while 1,187 advanced and 113 remained unchanged on the BSE.
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said, “Markets were on a cautious mode in the past few sessions, but witnessed frenzied selling on Tuesday as investors now fear that Trump’s inaugural speech to safeguard America’s interest could hurt economic prospects of many countries, including India, going ahead. While foreign investors continue to offload domestic shares at will, any further rise in US bond yields could trigger massive selling.”
Foreign Institutional Investors (FIIs) offloaded equities worth ₹43.36 billion (£409.18m) on Monday, according to exchange data.
On Monday, the 30-share BSE Sensex jumped 454.11 points to settle at 77,073.44 and NSE Nifty climbed 141.55 points to close at 23,344.75. (PTI)
