The Indian stock market, which started the day on a positive note, turned red by the afternoon as both benchmark indices experienced sharp declines. At noon, the Sensex was trading at 77,979.54, down 1,243.57 points or 1.57%, while the Nifty stood at 23,607.35, down 397.40 points or 1.66%.
All sectoral indices were in the red, with major sectors facing significant losses. The Nifty PSU Bank index saw the steepest decline, shedding over 3%. Auto, metal, reality, and media stocks also suffered, each registering losses of more than 2%.
As of noon, 2,221 stocks were in the red on the National Stock Exchange (NSE), compared to only 291 stocks in the green. The broader market indices also saw considerable drops, with the Nifty Midcap 100 index falling 1,326.30 points or 2.29%, and the Nifty Smallcap 100 index slipping by 481.40 points or 2.53%.
Several stocks from the Sensex pack were among the top losers. Tata Steel, Kotak Mahindra Bank, Asian Paints, Power Grid, NTPC, M&M, UltraTech Cement, IndusInd Bank, Zomato, Maruti Suzuki, HDFC Bank, Reliance, and Nestle India all faced significant declines during the trading session. The market sees a dip due to the first case of the HMPV Virus.
Experts believe that the market’s negative sentiment can be attributed to several external factors, particularly the continued unfavourable global macroeconomic environment. The strong dollar index at 109 and a high 10-year US bond yield at 4.62% are putting pressure on Foreign Institutional Investors (FIIs), leading to ongoing selling.
FIIs sold equities worth Rs 4,227.25 crore on January 3, while domestic institutional investors (DIIs) bought equities worth Rs 820.60 crore on the same day. Market experts suggest that the selling by FIIs is likely to continue until the dollar stabilizes and US bond yields decline.
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