Sensex, Nifty50 end lower led by losses in metals, auto, banks

• India’s benchmark indices Sensex and Nifty50 closed lower on Monday led by losses in shares of metals, auto and banks amid mixed largely positive cues from global markets.
• Most sectoral indices closed in the red barring PSU bank, IT and FMCG.
• Adani Enterprises, Axis Bank, Hindalco Industries, JSW Steel and Maruti Suzuki were among the top losers on the Nifty50 index.

India’s benchmark indices Sensex and Nifty50 closed in the red on Monday led by losses in metals, auto and bank stocks despite largely positive cues from global markets.

Most sectoral indices closed in red barring PSU bank, IT and FMCG led by continuous selling from foreign portfolio investors (FPIs).

FPIs have $4 in the first two weeks of 2023, according to data from the National Securities Depository.

“Nifty witnessed some profit booking despite positive WPI inflation data. Consistent FII selling and lack of any positive trigger has created nervousness in the market. We expect the market to remain sideways with limited downside. Banking, financial and Consumer sectors are likely to remain in focus as the Q3FY23 results unfold in these sectors,” said Siddhartha Khemka, head - retail research at Motilal Oswal Financial Services.

The Indian rupee fell 21 paise against the US dollar on Monday to close at 81.59. Crude oil prices cooled down, with the Brent crude oil price declining 0.28% to $85.04 on Monday.

Adani Enterprises, Axis Bank, Hindalco Industries, JSW Steel and Maruti Suzuki were among the top losers on the Nifty50 index.

Here top gainers and losers stocks in the Nifty500 index:

Top gainers	% change	Top losers	% change
RattanIndia Power	14.92%	Fertilisers and Chemicals Travancore	-5%
Just Dial	10%	FSN E-Co (Nykaa)	-4.98%
Adani Green Energy	9.09%	Avenue Supermarts (DMart)	-4.80%
Easy Trip Planners	8.83%	Godfrey Phillip	-4.51%
Indian Overseas Bank	7.15%	INOX Leisure	-4.12%
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Source: NSE, as on January 16, 2023

“The sluggish mood continued as markets moved in a narrow range with a negative bias. Investors are taking a cautious stance as the global macroeconomic scenario remains bleak while FIIs continued to be sellers in domestic equities in the current month, thus dampening the market sentiment,” said Shrikant Chouhan, head of equity research (Retail) at Kotak Securities.

Foreign institutional investors (FII) were net sellers on Monday, withdrawing ₹751 crore, while domestic institutional investors (DII) were net buyers, pumping in ₹686 crore.

Global markets remained largely positive
The US stock market will be closed on Monday on account of Martin Luther King Jr. Day holiday. However, on Friday, US markets closed at their highest levels in the last one month with JP Morgan kicking off the earnings season.

Markets in the US closed higher on Friday with the benchmark S&P 500 closing 0.4% in the green, while the Dow Jones Industrial Average edged up 0.33%. The tech-heavy Nasdaq closed 0.71% up.

In Asia, markets were largely positive on Monday led by Shanghai Composite which gained 1.01% and the Taiwan Weighted index that went up by 0.69%. KOSPI was up 0.58%, Hang Seng was up 0.04% while Nikkei 225 declined 1.14%.

Sectoral indices	% change
Nifty Media	-1.36%
Nifty Metal	-1.32%
Nifty Fin Service	-0.75%
Nifty Auto	-0.65%
Nifty Private Bank	-0.53%
Nifty Bank	-0.48%
Nifty Realty	-0.14%
Nifty Pharma	-0.07%
Nifty FMCG	0.12%
Nifty IT	1.14%
Nifty PSU Bank	1.57%
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Source: NSE, as on January 16, 2023

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