Stock market declines for second day in a row

The stock market fell for the second day in a row on January 7. After 10 consecutive days of gains, the stock market started losing ground from January 6. The Sensex closed at 48,093. The Sensex was down 80 points.

The stock market started with gains but could not stop gaining at the close. After touching a new high of 14,256 points, the Nifty fell under selling pressure and fell 120 points. The Nifty closed at 14,137 in the last few hours.

Metal stocks outperformed. The Nifty Metal Index rose 3.83 per cent. Hindustan Zinc is up 14 per cent. Metal stocks such as Hindustan Copper, Tata Steel, Hindalco, Nalco, JSPL, SAIL and JSW Steel also rose between 40 per cent and 80 per cent. Hindustan Copper. Shares of Tata Steel, Hindalco, JSPL and JSW Steel hit 52-week highs.

Shares of FMCG, IT and pharma were under selling pressure. Nifty stocks gained the most. 23 stocks fell while 27 stocks gained.