New Delhi,jan 6
The selling spree in India’s stock markets continued on Tuesday, with both benchmark indices staying in the red through the session, largely due to profit booking amid relatively subdued sentiment and caution among investors.Sensex closed at 85,063.34 points, down 376.27 points or 0.44 per cent, while Nifty closed at 26,175.60 points, down 74.70 points or 0.28 per cent. Among the sectoral indices, Nifty Media, Oil & Gas, and Chemicals declined the most, according to NSE data. On the flip side, Nifty Pharma, IT, and PSU bank were among the top movers.Vinod Nair, Head of Research, Geojit Investments Limited, said domestic equities experienced a correction led by large-cap stocks, with selling in heavyweights.”The market reaction was influenced by uncertainties surrounding Venezuela-US crisis and Russian oil imports, coupled with anticipations regarding the upcoming Q3 results. While most sectors saw profit booking, Pharma, Banking, and IT stood well,” Nair said. “Banking stocks found support from positive pre-result business updates. Pharma stocks advanced owing to consistent growth reported by the Indian Pharmaceutical Market (IPM) for December.In the near term, Nair noted that market is expected to remain range-bound with mixed optimism regarding the US-India deal uncertainty and Q3 earnings with high expectations.Ponmudi R, CEO of Enrich Money, a SEBI-registered online trading and wealth tech firm, said the risk-off tone was further reinforced by rising geopolitical tensions and renewed tariff-related concerns, prompting profit-taking at higher levels and capping broader market momentum. Shrikant Chouhan, Head Equity Research, Kotak Securities also echoed that today’s decline was due to profit booking.” Today, profit booking continues at higher levels, and the Nifty ended 72 points lower, while the Sensex was down by 376 points. Among sectors, the Pharma and Healthcare indices outperformed today, both rallying over 1.5 percent, whereas the Oil and Gas Index lost the most, shedding 1.80 percent.
