Indian benchmark indices ended on a weak note with Nifty around 23,000 on January 21 amid selling across the sectors. At close, the Sensex was down 1,235.08 points or 1.60 percent at 75,838.36, and the Nifty was down 320.10 points or 1.37 percent at 23,024.65.

The markets experienced a volatile session on Tuesday, ultimately closing with a decline of nearly 1.5%. Despite an initial uptick, the benchmark index fluctuated significantly throughout the day before settling near its intraday low at 23,024.65. Selling pressure was broad-based, with sectors like realty, energy, and auto leading the losses. The broader indices also came under significant pressure, each shedding over 2%.

This decline signals a resumption of the negative trend following a brief consolidation phase, with the Nifty index likely to move towards the 22,700 level. Persistent selling by FIIs and a lackluster start to the earnings season are key factors dampening market sentiment. Additionally, the recent uptick in the volatility index, India VIX, is contributing to the prevailing cautious outlook. Given these conditions, we recommend adhering to a “sell on rise” strategy in the Nifty index while emphasizing robust risk management practices.