Reel, Baby, Reel: Grizzlies descend on Dalal Street
The Nifty tanked 1.4%, or 320.10 points, to close at 23,024.65. The Sensex plunged 1.6%, or 1,235.08 points, to close at 75,838.36. Both indices fell over 0.5% each in the last week. The selloff eroded India's market cap by around ₹7.52 lakh crore.
«There remains a lack of clarity on the tariffs that are likely to be imposed on China and other countries including Canada, and so does the investor anxiety on the same,» said Pankaj Pandey, head of retail research, ICICI Securities. «The earnings of most large caps in India were also disappointing-that escalated the selloff.»
Pandey said many companies that reported results had rallied recently and their earnings failed to justify the run-up.
Foreign portfolio investors (FPIs) sold shares worth a net ₹5,920 crore on Tuesday. Their domestic counterparts bought shares worth ₹3,500 crore. So far in January, FPIs have sold shares worth ₹53,579 crore.
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