Stock market slumps after 10 days of gains

After 10 consecutive days of gains, the stock market lost ground on January 6. Similarly, the Nifty closed 53 points lower at 14,146. The Sensex closed at 48,174. The Sensex was down 263 points.

The stock market started with gains but could not sustain its upward trend. The Nifty was under selling pressure after touching a new high of 14,244 points.

The selling pressure was mainly on FMCG, IT and pharma stocks. At the same time, energy and metal stocks gained. The Nifty Metal Index is up 1.23 per cent today. Nifty stocks such as Powergrid, Hindalco and GAIL rose above 3 per cent. Bank index advanced strongly and maintained a high level.

Most Nifty stocks lost ground. Twenty-seven stocks fell while 23 stocks gained.