Volatility Ends Five-Day Rally, Sensex & Nifty Slip Despite Sectoral Gains

16 Jan 2024 , 03:38 PM

On January 16th, a wave of volatility washed over Indian markets, snapping a five-day winning streak. The benchmark Sensex tumbled 199.17 points (0.27%) to settle at 73,128.77, while its younger sibling, the Nifty, shed 65.20 points (0.30%) to close at 22,032.30.

While the broader market was painted red, with 2315 stocks closing lower compared to 1192 gainers, a handful of sectors defied the downward trend. 

Metal and oil & gas stocks emerged as the day’s darlings, registering impressive gains of nearly 1% each. BPCL, Tata Steel, Titan Company, ITC, and Hindalco Industries were among the notable winners, adding a touch of green to the predominantly red landscape.

However, sectors like power, realty, healthcare, and information technology weren’t as lucky, succumbing to losses ranging from 0.5% to 1.5%. Divis Laboratories, HCL Technologies, Wipro, NTPC, and SBI Life Insurance led the pack of major losers, dragging down their respective indices.

The selling sentiment also extended to broader markets, with both BSE Midcap and Smallcap indices registering mild declines of 0.3% each.