Sensex tanks 843 points in early trade on Monday

Market will continue to be under pressure from the strong headwinds, say experts

Mumbai: The Indian stock market opened in the red on Monday amid weak global cues as selling was seen in realty, metal, FMCG, PSU bank and auto sectors.

The 30-share BSE benchmark Sensex tanked 843.67 points to 76,535.24 in early trade. The NSE Nifty dropped 258.8 points to 23,172.70.

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From the 30-share blue-chip pack, Asian Paints, Zomato, Mahindra & Mahindra, HDFC Bank, Bajaj Finance, Asian Paints, Kotak Mahindra Bank and Tata Steel were the major laggards. IndusInd Bank, Axis Bank, Tata Consultancy Services and Hindustan Unilever were the gainers.

On the NSE, 532 stocks were trading in green, while 1,744 stocks were in red.

Nifty Bank was down 279 points or 0.57 per cent at 48,455.15. Nifty Midcap 100 index was trading at 53,934.30 after dropping 651.45 points or 1.19 per cent. Nifty Smallcap 100 index was at 17,472.70 after declining 172.85 points or 0.98 per cent.

According to experts, market will continue to be under pressure from the strong headwinds.

The jobs data from the US with 2.56 lakh job creations in December against expectations of 1.65 lakh means the rate cut expectations in 2025 is now down to one.

“With the unemployment in the US down to 4.1 per cent the economy doesn’t need any stimulus. This good economic news is turning out to be bad news for markets which were discounting many rate cuts this year,” according to market watchers.

The Dow Jones declined 1.63 per cent to close at 41,938.45. The S&P 500 declined 1.54 per cent to 5,827.00 and the Nasdaq declined 1.63 per cent to close at 19,161.63 in the last trading session on Friday.

In the Asian markets, Jakarta, Seoul, Hong Kong, China and Bangkok were trading in the red.

Foreign institutional investors (FIIs) remained net seller on sixth consecutive day, as they sold equities worth Rs 2,254.68 crore on January 10, on the other hand domestic institutional bought equities worth Rs 3,961.92 crore on the same day.