Sensex crashes 1,545 pts, Nifty ends below 17,200; IT, consumer durables sink

Indian stock market extended losses for the fifth consecutive session today amid negative global cues. Sensex closed 1,545 points lower at 57,491 and Nifty declined 468 points to 17,149. All 30 Sensex components ended in the red. Tata Steel, Bajaj Finance, Wipro and Tech Mahindra were the top Sensex losers, falling up to 5.98 per cent.

BSE mid-cap and small-cap indices fell 952 points and 1,328 points, respectively. On the sectoral front, consumer durables and IT shares led the losses today.

BSE consumer durables index fell 1,815 points to 42,081 and IT index plunged 1,186 points to 34,737. All 19 sectoral indices closed in the red.

Investors lose Rs 19.5 lakh crore as Sensex tumbles 3,300 pts in five sessions

Amar Ambani, Senior President and Head - Institutional Equities, YES Securities said,"Indian equities corrected massively, possibly reacting to US equities trending lower and rise in crude oil prices. In my view, there were no positive triggers to take the market upwards in the near term and which is why volumes in large cap names are down 20-30% in 2022 so far, as compared to 2021, even when market caps are higher by 20-25% on a year-on-year basis.

While a further 500 points downside cannot be ruled out in Nifty, on the brighter side, the stock market is much lighter and healthier, heading into the Union Budget, after the high in mid-October 2021. Corporate earnings have been positive so far and Omicron didn't disrupt the economy materially. The structural story remains intact and I am confident that Nifty will achieve a higher high in 2022, than what we saw in 2021."

The market breadth was negative with 515 shares ending higher against 3,069 stocks in the red. 122 shares were unchanged.

Market cap of BSE-listed firms fell to Rs 260.48 lakh crore.

Earlier, Indian benchmark indices opened lower amid weak global cues. The 30-share BSE index fell 228 points to 58,808.81, and Nifty lost 70 points to 17,546.55. On Friday, Indian market ended lower for the fourth consecutive session.

Sensex closed 427 points lower at 59,034 and Nifty fell 139 points to 17,617. Bajaj Finserv, Tech Mahindra and Tata Steel were the top Sensex losers, falling up to 5.37%.

HUL, Maruti and HDFC were the top Sensex gainers, rising up to 2.68%.

Foreign institutional investors (FIIs) sold shares worth Rs 3,148 crore on January 21, and domestic institutional investors (DIIs) bought shares worth Rs 269 crore, as per provisional data available on NSE.

Global markets

Stocks in Europe and Asia fell on Monday after Wall Street logged its worst week since the pandemic began in 2020.

Germany's DAX shed 1.1% to 15,431.03 while the CAC 40 in Paris gave up 1.4% to 6,971.19. In London, the FTSE 100 fell 0.7% to 7,447.03. The futures for the S&P 500 and the Dow industrials gained 0.3%. Tokyo's Nikkei 225 index edged 0.2% higher to 27,588.37.

The Hang Seng in Hong Kong shed 1.2% to 24,656.46. In Australia, the S&P/ASX 200 lost 0.5% to 7,139.50 and India's Sensex dropped 2.7% to 57,419.98.

South Korea's Kospi dropped 1.5% to 2,792.00 on heavy selling of big technology companies like Samsung and LG Chemical. Thailand's SET lost 0.7%.