The stock market took a sharp downturn during the early trading hours on Tuesday, January 21. By 10:40 a.m., the BSE Sensex had dropped by 648.90 points, or 0.84%, reaching 76,424.54. Similarly, the NSE Nifty fell by 149.15 points, or 0.64%, to 23,195.60. Although the market initially opened with optimism, it quickly shifted into the red.
Biggest Stock Declines
Among the biggest losers, Zomato Ltd led the decline, falling by 10.98% to ₹214.50. Following this, Adani Ports and Special Economic Zone dropped 1.96%, trading at ₹1,126.55. Furthermore, Reliance Industries Ltd also saw a loss, falling 1.71% to ₹1,282.65.
Zomato, in particular, reported a significant 57% drop in net profit, despite a 64% increase in revenue. The decline was primarily attributed to rising expenses.
Stocks in the Green
On a more positive note, only three Sensex stocks ended in the green. UltraTech Cement Ltd gained 0.84%, trading at ₹10,713.90. ITC Ltd rose by 0.51%, reaching ₹440.00. Additionally, HCL Technologies Ltd saw an increase of 0.50%, trading at ₹1,804.80.
Sectors Hit Hardest
Among the Nifty Sectoral Indices, Nifty Consumer Durables faced the most significant loss, dropping 3.38% to 38,384.40. In addition, Nifty Realty fell 2.67%, reaching 920.10. Similarly, Nifty Midsmall Financial Services dropped 2.05%, settling at 15,292.30.