Markets fall 2.5% to log worst week in over three months; Rs 15 lakh cr m-cap wiped out

Markets fall 2.5% to log worst week in over three months; Rs 15 lakh cr m-cap wiped out

• Sensex and Nifty fell 2.5% this week, worst drop in over three months
• BSE-listed firms lost Rs 15 lakh crore in market value; 15 of 16 sectors declined
• HDFC Bank slid 6.3% for the week, its worst weekly drop in nearly two years

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Indian benchmark indices Sensex and Nifty fell 2.5% this week to post their worst week in over three months. The BSE-listed firms lost market capitalisation to the tune of Rs 15 lakh crore during the week.

In late September week, the indices fell 2.7%.

Fifteen of the 16 major sectors fell during the week. Oil and gas stocks led losses among major sectors. Small-caps and mid-caps lost 3.1% and 2.6%, respectively.

On January 9, Nifty 50 fell 0.75% to 25,683.3, while the Sensex slipped 0.72% to 83,576.24.

US President Donald Trump has backed a bipartisan bill targeting countries doing business with Russia with up to 500% tariffs on imported goods, as per Republican Senator Lindsey Graham, which has led to huge broad-based selling pressure in the last two days. India has been the second-largest buyer of Russian crude after China.

"Among sectors, the Defence index gained 1.3%, whereas India Tourism, Oil & Gas, and Energy indices shed over 5%. During the week, the market slipped below the 20-day SMA (Simple Moving Average), and post-breakdown selling pressure intensified. Technically, on weekly charts, it has formed a long bearish candle and is comfortably trading below short-term averages, which is largely negative," said Amol Athawale, VP Technical Research, Kotak Securities.

India's largest private lender and heaviest-weighted stock HDFC Bank slid 6.3% for the week, its biggest in about two years, as its quarterly business update raised concerns over slower deposit growth. It dragged the banks index by 1.5% for the week.

This is the worst weekly drop for the stock in nearly two years.

The last instance of the stock declining every day in a week was between September 22 - September 26, 2025.

HDFC Bank has also lost over Rs 1 lakh crore in market capitalisation this week.

Clothing retailer Trent lost 9.9% during the week as softness in revenue growth continued in the December quarter, while jeweller Titan surged 3.7% on strong sales growth.

This is the worst weekly performance for Trent since April 2025. Earlier in the week, the clothing retailer posted flat standalone revenue growth as against last quarter, thus missing analysts expectations.

Growth trends look to be moderating, Antique Stock Broking analysts said.

Premier Energies, Waaree Energies, Inox Wind, NBCC, HPCL are among top midcap losers of the week.

"The Nifty has slipped further, moving lower from the 50 EMA, indicating increasing weakness. Bouts of selling pressure dragged the index to close at a several-day low. Market sentiment appears decisively negative. In the short term, the trend might remain weak, with potential downside towards 25,550–25,500. On the higher end, resistance is placed at 25,850," said Rupak De, Senior Technical Analyst at LKP Securities.

"We are of the view  that as long as the market trades below the 50-day SMA or 26,000/84900, the weak formation is likely to continue. On the downside, 25,600/83700 would act as an immediate support zone. Below this level, selling pressure is likely to accelerate. Further below, the market could slip to 25,400–25,300/83100-82800. On the upside, above 25,750/84200, we could see a quick pullback up to 25,850–25,900/84500-84700," Athawale added.