The stock market experienced a sharp decline at the open on Monday, January 13, with real estate, financial services, and consumer durables sectors leading the losses. By 9:20 am IST, the benchmark BSE Sensex had plunged 677.22 points, or 0.88%, settling at 76,701.69. The broader NSE Nifty was also down by 212.90 points, or 0.91%, at 23,218.60. This downturn coincided with the rupee hitting a historic low of 86.3537 per dollar, according to Bloomberg data. The US dollar has been rallying, driven by positive jobs data from the US.
Biggest Declines in Stocks Among the 30 Sensex stocks, Zomato Ltd experienced the steepest drop, falling 2.86% to ₹236.05. Mahindra & Mahindra Ltd followed with a 2.13% decline, trading at ₹3,026.05, while Power Grid Corporation of India Ltd dropped by 2.07%, reaching ₹293.60. Only two Sensex stocks saw gains: IndusInd Bank Ltd, which rose 2.05% to ₹956.80, and Axis Bank Ltd, which was up 0.44% at ₹1,045.40.
Sectoral Performance In terms of sectoral indices, Nifty Realty suffered the largest loss, falling 2.06% to 943.50. Nifty Midsmall Financial Services dropped 1.84%, reaching 14,730.20, and Nifty Consumer Durables fell 1.61% to 39,930.70. All sectoral indices were in the red.
Even the IT sector, which had been the only index in the green at the close of the previous week, saw a decline of 0.44%, reaching 44,413.20.
