The Indian equity indices continued to decline for a fifth continuous day, with the Sensex down 1,955 points at 57,082 and NSE Nifty down 596 points at midday on Monday, 24 January.
At 10:20 am, Sensex traded at 58,58,402 points, down 1.1 per cent or 635 points from the previous close of 59,037 points. According to a report by The Indian Express, both indices opened 0.4 percent lower earlier in the day and fell further as the trade progressed.
By 12:57 pm, Sensex lowered further to 57,784.72 while Nifty 50 fell to 17,231.15.
Top gainers during the early trade were Cipla, ONGC, Sun Pharma, ICICI Bank, and Bharti Airtel. On the other hand, Divi's Labs, Bajaj Finance, Wipro, JSW Steel, and Tech Mahindra were some of the top losers according to the NSE data.
"An important feature of the tech sell-off is that bulk of the selling is happening in non-profitable tech stocks. This trend is impacting stocks like Zomato and Paytm in India too."
According to a Moneycontrol report, the extended losses with Sensex and Nifty wiped out the gains of 2022.
While the sectoral indices traded in red, the report adds that volatility index rose to a one-year high.
"The heightened tensions in the Russia-Ukraine border is a major geopolitical concern. FIIs again turning big sellers is a major headwind. Investors have to move cautiously," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Zomato, Paytm, Nykaa Shares Plunge Too
Shares on online food delivery platform Zomato plunged 19.38 percent to hit its all time low of Rs 91.7. The net loss of the company, according to a NDTV report, widened to Rs 429.6 crore during the September quarter.
Online fashion retailer Nykaa, which had a bumper IPO, saw a dive in its stocks as well, with share prices reducing to a hit record low of Rs 1,740.05.
Paytm stocks fell as much as 6.14 percent to hit a lifetime low of Rs 901.
(With inputs from IANS, The Indian Express, NDTV and Moneycontrol.)
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