In a notable downturn, the stock market witnessed a significant decline as the Sensex plummeted by 670.93 points, settling at 71,355.22. Correspondingly, the Nifty recorded a substantial fall of 197.80 points, concluding the trading session at 21,513.
Leading large-cap stocks, including State Bank of India (SBI), Nestle India, HUL, Axis Bank, Asian Paints, M&M, ITC, TCS, ICICI Bank, Tech M, Wipro, Kotak Bank, HDFC Bank, Tata Steel, and IndusInd Bank, faced notable losses ranging between 1 percent and 2 percent.
The broader market segments were not immune to the decline, with the BSE MidCap and SmallCap indices experiencing drops of 0.87 percent and 0.36 percent, respectively.
In sectoral terms, the Nifty PSU Bank index recorded a significant dip of 2.3 percent, followed by the Nifty FMCG index at 1.7 percent, and the Nifty Bank index at 1.5 percent. However, the Media index emerged as the sole gainer, showing an increase of 0.32 percent.
Looking at international markets, Hang Seng in Asia witnessed a nearly 2 percent drop, while Shanghai was down by almost 1 percent. Straits Times and Kospi remained flat, and Taiwan showed advancement with a 0.5 percent increase.
During the first week of 2024, Foreign Institutional Investors (FIIs) net bought shares worth Rs 3,290 crore, while domestic mutual funds were net sellers, offloading nearly Rs 7,900 crore. The market trends highlight a cautious approach by investors amid the evolving global economic landscape.
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