Mumbai, Jan 13
Indian stock market fell more than 1 per cent on Monday amid mixed global and local cues, including strong US employment data suggesting fewer rate cuts in 2025.
Among other factors that led to the market tumbling were rising crude oil prices, weakening rupee and massive foreign capital outflows which dragged the market, resulting in a loss of around Rs 12 lakh crore for investors.
Heavy selling was seen in realty PSU banks, metal, auto and pharma sectors. Realty sector ended in red with a decline of more than 6 per cent.
Sensex ended at 76,330.01, down by 1,048.90 points, or 1.36 per cent, and Nifty settled at 23,085.95, down by 345.55 points or 1.47 per cent.
According to experts, the global markets witnessed a significant sell-off, prompting a similar response in domestic markets due to strong US payroll data suggesting fewer rate cuts in 2025. This has strengthened the dollar, driven up bond yields, and made emerging markets less attractive.
Rupak De of LKP Securities said, "Bears remained at the helm as the Nifty continued to breach crucial levels. The index slipped below its previous swing low on the daily chart, indicating increasing bearishness."