Sensex sheds 424 points in two days as market extends losses; HUL falls 4%, Asian Paints 3%

Indian equity benchmarks continued to fall for a second straight session on Friday amid weakness in oil & gas, FMCG and IT shares though strength in financial stocks lent some support. Global markets saw mixed moves as investors weighed optimism on earnings growth against fears of a recession and more of aggressive hikes in key interest rates in the world’s largest economy.

Both headline indices finished the day 0.4 per cent lower. The Sensex lost 236.7 points to end at 60,621.8, taking its losses to 424 points in two back-to-back sessions. The Nifty50 settled at 18,027.7, down 80.2 points from its previous close.

Thirty six stocks in the Nifty50 basket ended weaker. Hindustan Unilever and Asian Paints — closing 3.8 per cent and 2.8 per cent lower respectively — were the top laggards in the pack. Both companies reported their earnings on Thursday. Other top losers were Bajaj Finance, Nestle, JSW Steel, HDFC Bank, Bajaj Finserv, SBI Life, Hindalco and UPL, ending between 1.3 per cent and 2.8 per cent lower.

Coal India, PowerGrid, HDFC Bank, HDFC, ITC, ICICI Bank, Tata Motors, SBI, Dr Reddy’s and NTPC were the top gainers.

Reliance, Hindustan Unilever and Infosys were the biggest drags on both Sensex and Nifty, accounting for more than 200 points in the fall in the 30-scrip index.

Analysts awaited more of financial results from India Inc for domestic cues. 

Reliance shares ended 1.2 per cent lower at Rs 2,442.7 apiece on BSE, ahead of the conglomerate’s earnings due later in the day. Sensex sheds 424 points in two days as market extends losses; HUL falls 4%, Asian Paints 3%

Overall market breadth favoured the bears, with an advance-decline ratio of 4:5 as 1,560 stocks rose and 1,912 fell at the close on BSE. 

“Shaking off the weak lead from Wall Street, domestic indices attempted to trade higher due to economic optimism that stemmed from China’s reopening. However, concerns over a global economic slowdown eventually caught up,” said Vinod Nair, Head of Research at Geojit Financial Services.

Global markets

European markets began the day in the green, as optimistic investors gauged the potential impact of a week-long Lunar New Year holiday after China lifted its COVID-19 curbs. The pan-European Stoxx 600 index was up 0.3 per cent at the last count.

S&P 500 futures were up 0.2 per cent, suggesting a positive start ahead on Wall Street.

Catch highlights of the January 20 session on Dalal Street here. For all other news related to business, politics, tech, sports and auto, visit

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