Taking Stock: Bears regain control; Sensex sinks 770 pts, Nifty struggles near 25,050

Market Today

• Sensex fell 769 points, Nifty dropped 241 points in a volatile session on Jan 23
• All sector indices fell; midcap and smallcap dropped over 1.5%.
• Indian rupee hit a record low at 91.97 per dollar during intraday trading

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The market failed to build on the previous session’s strong rebound and ended lower in a volatile session on January 23, as selling pressure was seen across sectors.

After a muted start, the market traded rangebound in the first half; however, mid-session profit booking dragged the Nifty to the day’s low of 25,025.30, before it closed near that level.

At close, the Sensex was down 769.67 points or 0.94 percent at 81,537.70, and the Nifty was down 241.25 points or 0.95 percent at 25,048.65.

The broader underperformed the benchmarks, with BSE midcap index falling 1.5 percent and smallcap index down over 2 percent.

For the week, BSE Sensex and Nifty fell 2.5 percent each.

The market will remain shut on Monday, January 26 on account of Republic Day.

Also Read: 90% of small-cap funds beat the index — but none made money

Biggest Nifty losers were Adani Enterprises, Adani Ports, Eternal, Interglobe Aviation, Cipla, while gainers included Dr Reddy's Labs, Tech Mahindra, ONGC, Hindalco, HUL.

Index	Prices	Change	Change%
Sensex	76,034.42	-829.29	-1.08%
Nifty 50	23,639.15	-227.70	-0.95%
Nifty Bank	55,100.95	-634.80	-1.14%

Nifty 50 23,639.15 -227.70 (-0.95%)

Thu, Mar 12, 2026

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
Coal India	470.10	23.35	+5.23%

Biggest Loser	Prices	Change	Change%
M&M	3,031.20	-137.00	-4.32%

Best Sector	Prices	Change	Change%
Nifty Energy	36834.35	695.85	+1.93%

Worst Sector	Prices	Change	Change%
Nifty Auto	25098.00	-828.00	-3.19%

All the sectoral indices ended in the red with capital goods, power, realty, PSU Bank, media down 2-3%.

Indian rupee remained under pressure today as it touched fresh record low at 91.97 per dollar intraday. The INR ended at 91.96 versus Thursday's close of 91.62.

Also Read - Market correction puts IPO rush on hold; 2026 sees only 3 issues so far

In stock specifics, PG Electroplast shares shed 4% on MoU with the Government of Maharashtra, Bandhan Bank shares rose 4% despite profit fell 51%, Tanla Platforms share price surged 7% after profit jumps 10%, Suryoday Small Finance Bank share price slipped 5% despite better Q3 earnings, Home First Finance Company India shares added 6% as Q3 profit jumps 44%, Hindustan Zinc shares rise 5% to hit fresh 52-week high as silver extends record rally.

Also Read - Smallcaps crack deeper as correction widens; valuation froth comes back into focus for 2026

More than 400 stocks touched their 52-week lows, including Adani Enterprises, Adani Total Gas, Syngene International, Reliance Power, Lodha Developers, Tejas Networks, Premier Energies, Network 18, Godrej Properties, Just Dial, Piramal Pharma, Devyani International, Sapphire Foods, Blue Jet, HFCL, Afcons Infra, Brigade Enterprises, Honeywell Automation, DLF, Sterling Wilson, among others. Click to View More

Outlook for January 27

Rupak De, Senior Technical Analyst at LKP Securities

The index remained weak throughout the session as it stayed below the 20 EMA on the hourly chart. In addition, the index has finally slipped below the 200 DMA on a closing basis, suggesting capitulation by the bulls after a futile attempt to defend the crucial long-term moving average.

As a result, short- to medium-term sentiment is likely to remain weak as long as the index trades below 25,500. On the downside, the decline could extend toward 24,700 in the short term.

Ajit Mishra – SVP, Research, Religare Broking

Markets remained volatile and declined nearly one percent, resuming the prevailing corrective trend. The Nifty index opened in positive territory on easing geopolitical tensions but soon gave up its gains and drifted lower amid persistent selling pressure, eventually settling near the day’s low at 25,048.65. Selling was broad-based, with realty, energy and banking stocks among the key laggards, while only a few defensive and select cyclical names provided limited support. Broader market indices also mirrored the weakness, with midcap and smallcap indices falling close to two percent each, highlighting widespread risk-off positioning and cautious participation.

Market sentiment was weighed down by renewed concerns over global trade and geopolitical developments, along with continued foreign institutional selling. Currency weakness further added to the negative bias, as the Indian rupee slipped to fresh lows against the US dollar during the session. In the absence of strong domestic triggers, trading remained largely stock-specific, marked by selective buying and pronounced selling across the broader market.

Technically, the Nifty has slipped below its long-term moving average, the 200 DEMA, which signals the possibility of further downside. The 24,750–24,900 zone now emerges as the next key support area, while the 25,300–25,400 zone is likely to act as an immediate hurdle in case of any rebound. That said, select pockets continue to show resilience and are offering buying opportunities. In this environment, participants are advised to maintain a selective and balanced approach, take positions on both sides based on sectoral strength and weakness, and keep a strict check on position sizing.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After showing a bounce back in the last couple of sessions, Nifty slipped into sharp weakness on Friday and closed the day lower by 241 points. After opening on a positive note, the market was not able to sustain the opening gains and started with weakness since early part of the session. The weakness got intensified in the mid to later part and Nifty finally closed at the lows.

A long bear candle was formed on the daily chart which indicates a formation of lower top reversal pattern at the recent swing highs of 25400 levels. Nifty on the weekly chart formed a long bear candle this week after the minor bounce of last week. The overall chart pattern remains negative and one may expect Nifty sliding below the recent low of 24900 by next week. The near-term downside target to be watched around 24600. Immediate resistance is placed at 25200 levels.

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