Market Wrap: Nifty and Sensex Tumble Nearly 1% Amid Sector-wide Selloff
Indian stock markets closed sharply lower on January 23, with Nifty 50 and BSE Sensex both shedding nearly 1%. The energy sector was the worst hit, plummeting 20.96%. Market breadth was decidedly negative with 3,126 stocks declining versus 1,477 advancing. Only two sectors, Castings, Forgings & Fasteners and Diamond, Gems and Jewellery, managed to stay in the green. Several companies made headlines with corporate announcements and financial results, including NIIT Limited, SG Mart Limited, and Waaree Energies.
*this image is generated using AI for illustrative purposes only.
Market Overview
The Indian stock markets closed in the red on January 23, 2026, with both benchmark indices, Nifty 50 and BSE Sensex, shedding nearly 1% each. The selloff was broad-based, affecting most sectors, with energy stocks leading the decline.
Key Market Indicators
| Index | Closing Price | Change | % Change |
|---|---|---|---|
| Nifty 50 | 25,048.65 | -241.25 | -0.95% |
| BSE Sensex | 81,537.70 | -769.67 | -0.94% |
Sectoral Performance
The market witnessed a widespread decline across sectors, with only a couple of sectors managing to stay in the green.
Top Losing Sectors
| Sector | Average % Change |
|---|---|
| Energy | -20.96% |
| Commercial Services | -11.86% |
| Realty | -10.83% |
| Leisure Services | -10.12% |
| Textiles | -8.77% |
Top Performing Sectors
| Sector | Average % Change |
|---|---|
| Castings, Forgings & Fasteners | 4.12% |
| Diamond, Gems and Jewellery | 0.14% |
Market Breadth
The overall market sentiment was decidedly negative, as reflected in the market breadth statistics:
| Category | Number of Scrips |
|---|---|
| Total Traded | 4,603 |
| Positive | 1,477 |
| Negative | 3,126 |
Buzzing Stocks
Several companies made headlines with corporate announcements and financial results:
- NIIT Limited: Scheduled board meeting on January 30, 2026, for Q3 FY26 results.
- SG Mart Limited: Fully utilized ₹1,150 crore preferential issue proceeds; reported 60% YoY decline in Q3 net profit.
- Waaree Energies: Announced plans for a 20 GW battery manufacturing facility.
- Persistent Systems: Held investor meetings and announced upcoming earnings discussion session.
- Poonawalla Fincorp: Allotted 91,607 equity shares under ESOP, increasing paid-up capital.
- SRF Limited: Received ₹38.49 crore customs duty and penalty demand, plans to contest.
- BlueStone Jewellery & Lifestyle: Posted profit in Q3 FY26, approved investment in subsidiary.
- Hindustan Zinc: Approved issuance of ₹1400 crore non-convertible debentures.
- Jindal Stainless: Reported progress on capex plans, to announce new growth targets.
Conclusion
The Indian stock market experienced a significant downturn on January 23, 2026, with widespread losses across sectors. Energy stocks were the worst hit, while only a handful of sectors managed to stay afloat. The negative market breadth underscores the bearish sentiment that prevailed during the trading session.
17
