The Indian stock market extended its losses for the fifth consecutive session today due to the negative global cues. The Sensex closed 1,545 points lower at 57,491, and the Nifty fell 468 points to 17,149. All 30 Sensex components ended in red. Tata Steel, Bajaj Finance, Wipro and Tech Mahindra were the top Sensex losers, falling up to 5.98 per cent.
The mid-cap and small-cap indexes of the BSE fell 952 points and 1,328 points. Consumer durables and IT shares led the losses on the sectoral front.
BSE consumer durables index fell 1,815 points to 42,081 and the IT index plunged 1,186 points to 34,737. All 19 sectoral indexes closed in the red.
According to Amar Ambani, Senior President and Head Institutional Equities, Indian equities corrected massively, possibly due to the US equities trending lower and the rise in crude oil prices. In my view, there were no positive triggers to take the market upwards in the near term and that is why volumes in large cap names have fallen 20 -- 30% in 2022 compared to 2021, even when market caps are higher by 20 -- 25% on a year-on-year basis.
After the high in mid-October 2021, a further 500 points downside cannot be ruled out in the Nifty, on the brighter side, the stock market is lighter and healthier heading into the Union Budget. Omicron didn't disrupt the economy at all, and corporate earnings have been positive so far. The structural story remains intact and I am confident that Nifty will reach a higher high in 2022 than what we saw in 2021. The market's breadth was negative with 515 shares ending higher against 3,069 stocks in the red. There were 122 shares that were unchanged.
The Indian benchmark indexes opened lower earlier in the day due to weak global cues. The 30 share BSE index fell 228 points to 58,808. 81, and Nifty lost 70 points to 17,546. The Indian market ended down for the fourth consecutive session on Friday.
Sensex closed 427 points lower at 59,034 and Nifty fell 139 points to 17,617 at the end of the day. Bajaj Finserv, Tech Mahindra and Tata Steel were the top Sensex losers, falling to 5.37%.
HUL, Maruti and HDFC were the top Sensex gainers, rising to 2.68%.
Domestic institutional investors DIIs bought shares worth Rs 269 crore, as per provisional data available on NSE, which sold shares worth Rs 3,148 crore on January 21, and foreign institutional investors FIIs sold shares worth Rs 3,148 crore.
On Monday, Europe and Asia fell after Wall Street logged its worst week since the Pandemic began in 2020.
Germany's DAX fell 1.1% to 15,431. The CAC 40 in Paris gave up 1.4% to 6,971 in 03, while the CAC 40 in Paris gave up 1.4%. The FTSE 100 fell by 0.7% to 7,447 in London. The futures for the Dow Industrials and the S&P 500 increased by 0.3%. Tokyo's Nikkei 225 index was 0.2% higher, to 27,588. The Hang Seng in Hong Kong fell by 1.2% to 24,656. The S&P ASX 200 in Australia lost 0.5% to 7,139. 50 and India's Sensex dropped 2.7% to 57,419. South Korea's Kospi dropped by 1.5% to 2,792. 00 on the heavy selling of big technology companies like Samsung and LG Chemical. Thailand's SET lost 0.7%.