Sensex extends losing streak with 1,049-pnt drop, Nifty below 23,100

The Indian benchmark indices continued their downward trend for the fourth consecutive session on Monday, weighed down by broad-based selling, a surge in crude oil prices to over a three-month high, and weak global cues as optimism around a U.S. rate cut in 2025 receded. At close, the Sensex was down 1,048.90 points or 1.36 percent at 76,330.01, and the Nifty was down 345.55 points or 1.47 percent at 23,085.95.
TCS, IndusInd Bank, Axis Bank and HUL were the top gainers on the Nifty, while losers included Trent, Adani Enterprises, Bharat Electronics, BPCL, Power Grid Corp.
On the sectoral front, all the sectoral indices ended in the red with realty index down 6.7 percent and oil & gas, power, PSU, metal, media down 3-4 percent.
Meanwhile, Nifty Midcap index down 4 percent, posting biggest single-day fall since June 2024 and Smallcap Index also down 4 percent, registering biggest fall in five months, according to information.
Rupee Close:
On 13 Jan'25,the Indian rupee logged its steepest fall in nearly two years, plunging 55 paise to reach a historic low of 86.59 against the US dollar during mid-session on Monday due to strengthening of the American currency and surging crude oil prices, according to information.
Trading Guide :
Vinod Nair, Head of Research, Geojit Financial Services, reportedly quoted as saying,the global markets witnessed a significant sell-off, prompting a similar response in domestic markets due to strong US payroll data suggesting fewer rate cuts in 2025. This has strengthened the dollar, driven up bond yields, and made emerging markets less attractive. Recent GDP downgrades and slowing earnings amidst higher valuations are weighing heavily on market sentiment. Expect volatility in the near term, with the 2025 budget, Q3 results, RBI policy, and Trump's policies are key factors to define the trend in the short-term. Market experts have recommended five stocks to buy-Bharti Airtel, LTIMindtree, Wipro, IRCTC and Birlasoft.

(Business Correspondent)