Indian Equity Markets Witness Sharp Decline in Widespread Sell-Off

8 Jan 2024 , 03:40 PM

Amid a widespread sell-off, Indian benchmark equity indices witnessed a significant decline in Monday’s trade. Investor caution prevailed, awaiting US inflation data, and a cautious approach was adopted ahead of the upcoming earnings season set to kickstart on Thursday. 

The Sensex tumbled by 671 points in the wake of the broad-based sell-off, and the Nifty closed near the 21,500 mark. The PSU bank index faced a notable decline of 2% during this downturn.

On the Nifty, major contributors to the losses included UPL, SBI, SBI Life Insurance, Divis Labs, and HUL. In contrast, Adani Ports, HCL Technologies, ONGC, Power Grid Corporation, and BPCL were among the gainers.

The sectoral landscape depicted FMCG, Pharma, and Metal experiencing a downturn of 1% each, while Power and Realty indices witnessed an uptick of 0.6% each.

In the broader market, the BSE Midcap index recorded a 0.7% decline, and the smallcap index saw a marginal dip of 0.2%.