The BSE Sensex, India’s benchmark index, experienced a significant decline of 1,053 points, closing below the 71,000 level at 70,370.55. The broader Nifty also saw a drop of 330.15 points, closing at 21,241.65. The sell-off was primarily driven by concerns over subdued quarterly performance by corporates, leading to selling pressure in major counters.
Despite an initial gain of nearly 450 points, the Sensex reversed course throughout the trading session. Index heavyweights such as HDFC Bank, Reliance Industries, and SBI contributed to the downturn. Among Sensex firms, IndusInd Bank recorded the most significant loss, falling by 6.13%, followed by SBI (3.99%), Hindustan Unilever (3.82%), Axis Bank (3.41%), and HDFC Bank (3.23%).
However, some stocks defied the trend, with Sun Pharma, Bharti Airtel, ICICI Bank, and PowerGrid closing with gains of up to 3.67%. TCS and Bajaj Finserve were among the other gainers. In total, 24 stocks of the 30-share index closed with losses.
The global market scenario was mixed, with Hong Kong’s Hang Seng posting a sharp gain of 2.63%, while China’s Shanghai Composite increased by 0.52%. Japan’s Nikkei 225 fell by 0.8%. European markets were trading lower, with Germany’s DAX down 0.09% and CAC 40 of France losing 0.16%. London’s FTSE 100 also declined by 0.13%.
In the US markets, Dow, S&P 500, and Nasdaq closed with gains of up to 0.36% on Monday. The decline in the domestic equity market comes after being closed on January 22 for the Ayodhya consecration ceremony. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 545.58 crore on Saturday.
The market’s reaction reflects apprehensions about corporate earnings, contributing to the overall negative sentiment. The dynamics of global markets and the performance of major sectors will likely influence India’s equity markets in the coming sessions.
Aastha Kumari 
Khushi Hirve