 "Domestic markets on Wednesday entered correction territory, with the benchmark Nifty and the broader market indices — Nifty Midcap 100 and Nifty Smallcap 100 — declining more than 10 per cent from their all-time highs.")
Stock Market Crash, Stock Markets Today: India stock markets extended their decline into fourth straight day on Monday, February 10, 2025. The BSE Sensex today fell 753 points or around 1 per cent to hit a low of 77,106 level. The Nifty50 index, too, dropped 244 points to a low of 23,316 level.
The BSE Sensex eventually ended with a loss of 0.7 per cent or 548 points at 77,312; while, the NSE Nifty shed 0.8 per cent or 178 points at 23,382.
Tata Steel, Power Grid, Zomato, NTPC, Reliance Industries (RIL), Bajaj Finance, Titan Company, IndusInd Bank, Tata Motors, HDFC Bank, Axis Bank, and Sun Pharma were the top Sensex losers today, down in the range of 1 per cent to 3.6 per cent.
On the Nifty, JSW Steel, Hindalco, BPCL, ONGC, Coal India, Shriram Finance, Cipla, Dr Reddy’s, Adani Enterprises, and Trent were the top laggards.
In the broader markets, the Nifty MidCap index and the Nifty SmallCap slipped 2 per cent on the NSE each.
Why are stock markets falling today? Key reasons here:
Donald Trump’s tariff war; metal stocks drop
Donald Trump’s latest news on steel tariff dented investor sentiment on Monday, February 10. According to reports, US President Donald Trump may announce a 25-per cent tariff on all the countries exporting steel and aluminum to the US, as early as Monday.
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While he said that it would be a blanket tariff on all the steel imports, he didn’t specify when the new duties would take effect.
On the bourses, steel stocks were the worst hit. The Nifty Metal index slipped nearly 3 per cent in the intraday trade on the National Stock Exchange (NSE) today, hitting a low of 8,348. Individually, Vedanta share price slipped 4.4 per cent, SAIL (Steel Authority of India) 4 per cent, Tata Steel 3.27 per cent, and Jindal Steel 2.9 per cent. READ MORE
Donald Trump’s retaliatory tariffs
Apart from the steel imports across countries, US President Trump said he would also announce ‘tit-for-tat’ tariffs against countries levying tariffs on the US.
Trump told reports on Sunday that he would “most likely” make an announcement on the retaliatory tariffs on either Tuesday or Wednesday.
"Very simply, if they charge us, we charge them," he said.
Notably, Trump’s statement comes after China imposed 10 to 15 per cent “retaliatory” tariffs on US goods earlier this month.
Starting today, China will impose an additional tariff of 15 per cent on coal and liquefied natural gas and a 10 per cent tariff on crude oil, agricultural machinery, large-displacement automobiles and pickup trucks.
Broad-based selling
Investors, meanwhile, were selling across the board with all but one sectoral index in the green. The Nifty FMCG index was ruling 0.5 per cent higher in the intraday trade, even as all other indices nursed losses.
The Nifty Metal index declined 3 per cent, the Nifty Realty index 2.47 per cent, the Nifty Media index 2 per cent, the Nifty Pharma index 1.8 per cent, the Nifty PSU Bank, and Financial Services indices 1 per cent each, and the Nifty Bank index 0.8 per cent.
Rising bond yields, RBI policy
Yields on 10-year India Government Bonds rose 2 per cent to 6.83 per cent on Monday, extending their rise into second day. Rising bond yields reflect risk averse nature of investors as they are moving towards safer investment options, like bonds, than equities.
Yields on Indian bonds climbed after the Reserve Bank of India (RBI) cut repo rate by 25 basis points (bps) on Friday, February 7, 2025. It maintained its ‘Neutral’ stance.
The central bank, however, fell short of announcing measures to support liquidity in the system, which remained in deficit during December-January due to advance tax payments in December ‘24, capital outflows, and forex operations.
“Market reaction clearly shows that there was an expectation of even more easing in terms of liquidity and even a change in stance,” said Siddharth Chaudhary, senior fund manager - fixed income, Bajaj Finserv AMC.
FII selling, rising Dollar index
Meanwhile, foreign institutional investors have continued with their unabated selling of India stocks. Since October, FIIs have been net sellers of Indian equities on a monthly basis. Thus far in February, till last Friday, they have sold stocks worth Rs 10,179 crore in the cash market.
FPI/FII selling comes in the backdrop of rising Dollar index and weakening of rupee, which makes investment by FIIs unattractive in Indian securities. Indian Rupee hit a record low of 87.92 per US Dollar in the intraday trade today.
Technical levels
According to technical analysts, 23400, followed by 23,250 can serve as crucial support levels for the Nifty index. A break below these levels could push the index towards 23,000 and lower.
“Further, the Nifty index is struggling at higher levels, leading to sell-on-rise texture. Resistance levels remain at 23,800, 23,900, 24,000, and 24,250. A strong buying momentum is needed to surpass these levels. Until then, traders should book profits at regular intervals,” said Sameet Chavan, head of research, technical and derivative - Angel One.
The market, he said, may continue to consolidate in the near-term within the 23,250–23,800 range.
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