Markets extend losses: NIFTY50 and SENSEX fall over 1%, HDFC Bank, Kotak Bank and Reliance among top index movers

Indian equity benchmarks extended morning losses in the mid-market session. A cautious undertone prevailed in markets as foreign portfolio investors continued their selling spree and investors waited for cues from the Q3 earnings season, beginning with TCS this week.

Foreign institutional investors (FIIs) offloaded ₹4,227.25 crore in the capital markets on a net basis on Friday, according to exchange data. On the global front, Asian markets are trading mostly in red as investors are wary of taking on more risk in light of looming US-China trade tensions.

The SENSEX traded at 78530.57, down 800 points or 0.95% after trading in a range of 78727.18 and 79352.67. Seven stocks advanced on the index, while 23 stocks declined.The broader indices were trading in red; the BSE mid-cap index fell 1.27%, while the small-cap index was down 1.64%.

The NIFTY50 traded at 23764.85, down by 240 points or 1.01% after trading in a range of 23716.70 and 24089.95. Nine stocks advanced on the index, while 41 stocks declined.

Top gainers and losers

Stock specific developments

HDFC Bank shares traded lower after Q3 business updates indicated slowed credit growth for the December quarter. However, a higher deposit growth rate is expected to comfort the bank's credit costs.

Shares of Gems and Jewellery maker Titan rallied over 2% after the company announced robust business updates for Q3FY25. The company said its standalone revenue registered a growth of around 24% YoY in Q3FY25. Titan’s combined retail network presence (including CaratLane and International) expanded by 69 stores (net) in the quarter to reach 3,240 stores.

Shares of ITC, the Kolkata-headquartered diversified conglomerate, were on investors' radar on Monday, January 6, as today marks the record date for the demerger of its hotel business.

Asian markets

Asian markets are trading mostly in red; Nikkei 225 slipped 645.26 points or 1.62% to 39,249.28, Hang Seng declined 53.61 points or 0.27% to 19,706.66, Jakarta Composite plunged 47.11 points or 0.66% to 7,117.32 and Shanghai Composite weakened 4.68 points or 0.15% to 3,206.75.

On the other hand, KOSPI increased 42.85 points, or 1.75%, to 2,484.77, Straits Times rose 10.82 points, or 0.28%, to 3,812.65, and Taiwan Weighted added 630.62 points, or 2.75%, to 23,538.92.