Share Market Today: Indices Slip, Sensex Tanks Over 350 Points, Nifty Under 23K

On the Sensex, the gainers so far included ICICI Bank, Hindustan Unilever, L&T, SBI, and Asian Paints. Meanwhile, Zomato, HCL Tech, PowerGrid, Tech M, and Tata Motors stood among the laggards. 

In the broader markets, it was a complete bloodbath. The Nifty Smallcap 100 index dominated and plunged 3.10 per cent in the session, followed by the Nifty Smallcap 250 index which slipped 3.06 per cent.

Source : ABPLIVE AI

The Indian equity markets began the trading week with an apprehensive outlook. The BSE Sensex plunged more than 550 points to trade near 75,637.65, as of 9:19 AM, while the NSE Nifty50 declined 156.60 points to remain under the 22,950 mark in the early market hour. 

As the session progressed, the indices pared their losses slightly but continued to trade in the negative territory. 

Around 9:46 AM, the Sensex stood slightly above the 75,800 mark, clocking a fall of 372 points, while the Nifty traded under 23K, registering a decline of 107 points in the market.

On the 30-share Sensex platform, the gainers in the session so far included ICICI Bank, Hindustan Unilever, L&T, State Bank of India, and Asian Paints. Meanwhile, Zomato, HCL Tech, PowerGrid, Tech M, and Tata Motors stood among the laggards. 

In the broader markets, it was a complete bloodbath. The Nifty Smallcap 100 index dominated and plunged 3.10 per cent in the session, followed by the Nifty Smallcap 250 index which slipped 3.06 per cent.

Sectorally, Realty and FMCG indices remained the only exceptions in green and traded 0.98 per cent and 0.10 per cent higher respectively. At the same time, the Nifty Media index stood out among the laggarda and tanked 2.55 per cent in the session so far.

Concerns In The Market

This cautious approach was triggered by anticipation of the upcoming Union Budget 2025, scheduled to be tabled on February 1, 2025. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, noted, "This 6-day week is likely to be highly volatile with other major events like the Fed decision and the Budget in India. The market is looking forward to fiscal stimulus through income tax cuts in the Budget. If the expectations are met, there can be a relief rally in the market. But if a rally is to sustain, we need data indicating growth and earnings revival."

Further, uncertainty around US President Donald Trump's tariff approach added to the concern in the market. Notably, recently the American President threatened to impose 25 per cent tariffs on Colombia after the latter's President Gustavo Petro turned away two US military aircraft transporting detained migrants from Colombia. On late Sunday night, the White House Press Secretary, Karolina Leavitte, informed that Colombia has accepted all the terms of Trump, following which the US put all sanctions and tariffs on Colombia on hold.

Macroeconomic Indicators

The Indian rupee depreciated 22 paise to 86.44 against the American dollar in early trade, taking cues from the domestic equity market. The Foreign Institutional Investors (FIIs) dumped Indian equities worth Rs 2,758.49 crore in the capital markets on net basis on Friday, according to exchange data.