Bears tightened their grip on Dalal Street as Indian equity benchmarks extended losses for the fourth consecutive session on January 8. The Nifty slipped near the 25,850 mark intraday, weighed down by broad-based selling across sectors, persistent foreign institutional investor (FII) outflows, concerns over potential US tariffs, and rising geopolitical tensions.
Tracking weak global cues, domestic markets opened on a subdued note, with the Nifty hovering around 26,100. However, sustained profit booking through the session dragged the index to intraday low at 25,858.45.
At close, the Sensex was down 780.18 points or 0.92 percent at 84,180.96, and the Nifty was down 263.90 points or 1.01 percent at 25,876.85.
Broader indices underperformed the main indices with BSE Midcap and smallcap indices falling 2% each.
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All the sectoral indices ended lower with metal, oil & gas power, PSU Bank, capital goods shed 2-3 percent.
Biggest Nifty losers were Hindalco Industries, ONGC, Jio Financial, Wipro, Tech Mahindra, while gainers included ICICI Bank, Eternal, SBI Life Insurance, Bharat Electronics.
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| 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% |
| 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% |
In stocks, the export-oriented companies share including Gokaldas Exports, K.P.R. Mill, Pearl Global Industries, Apex Frozen Foods, Avanti Feeds fell between 4-9 percent on likely 500 percent tariff sanctions from US.
Hindustan Zinc shares tumbled 6% as silver price drops below Rs 2.5 lakh/kg, Meesho shares fell 4% after GM-Business resigns, Angel One share price shed 2% as board to consider stock split.
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More than 180 stocks hit 52-week low including Jyothy Labs, Sapphire Foods, Cohance Life, Blue Jet, Happiest Minds, IRCTC, Premier Energies, Jubilant Foodworks, Colgate Palmolive, Page Industries, BASF, Afcons Infra, Bata India, Vedant Fashions, Clean Science, United Breweries, Whirlpool, AWL Agri, among others. Click to View More
On the other hand, more than 100 stocks touched 52-week high, including India Cements, AIA Engineering, Eicher Motors, Axis Bank, Bajaj Auto, Polycab, MCX India, NMDC, among others. Click to View More
Outlook for January 9
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty has slipped below its rising trendline, clearly indicating a sudden increase in bearish bets. Additionally, the index has moved below 26,000, which had been acting as a psychological support. More importantly, the Nifty has closed below the 50 EMA for the first time in three months, signifying a bearish shift in the trend.
A rising India VIX is also pointing to increased panic among market participants. Overall, the setup looks uncomfortable for the bulls. Selling pressure is likely to persist in the near term unless the Nifty moves back above 26,000. On the downside, the index might fall down towards 25,700 and 25,550.
Rajesh Bhosale, Equity Technical Analyst, Angel One
Once again, the market opened on a negative note, and unlike the previous few sessions, the sell-off intensified as the day progressed. Nifty eventually ended with a sharp cut of around 1%, closing tad below the 25900 mark.
Nifty slipped for the fourth consecutive session, thereby erasing all the gains made in the previous week. The bullish Symmetrical Triangle breakout witnessed last Friday now stands negated, as prices slipped below last week’s low. Additionally, the index has seen a bearish breakdown from the rising trendline connecting the higher bottoms of November and December, along with a close below the 50-DEMA, which had acted as a strong support over the past couple of months.
The coming session will be crucial, as sustained trading below the 25900 level could open the door for further downside in the week ahead. The next key support is placed around 25700, which marks the December swing low and coincides with the 89-DEMA, followed by 25500, a key retracement level.
On the upside, the 26000–26100 zone, coinciding with the 20-DEMA, is seen as immediate resistance, and unless the index regains this zone, the market may continue to remain under pressure. Amid ongoing geopolitical tensions and fresh tariff-related concerns, a broad-based sell-off was witnessed in the midcap space, which had earlier marked its highest close on Wednesday and was showing strong momentum until then. Volatility is likely to remain elevated in the near term, and traders are advised to avoid aggressive positions until there is better stability and clarity on global cues.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decision.
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