Benchmark indices Nifty and Sensex crashed on January 21, marking a seven-month low as the sell-off intensified amid massive volatility. Weakness in both public and private sector banks, along with a sharp decline in auto stocks, crushed market sentiment. The small and midcap indices took the hardest hit, plunging further into negative territory, outpacing their large-cap counterparts. In just this session, a staggering Rs 7 lakh crore in market capitalisation has been wiped out, according to exchange data.

Interestingly, the frontline indices reversed all losses to trade in the green on an intraday basis but soon succumbed to selling pressure as a host of global and domestic factors kept market participants on edge.

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. About 1,148 shares advanced, 2,656 shares declined, and 112 shares unchanged.

The broader markets, comprising mid-small cap indices, witnessed steeper cuts in today's session with losses of 2.2 and 2.3 percent, respectively.

Dixon Tech shares extended morning losses to tank nearly 14 percent after the company reported a sequential decline in its consolidated net profit and revenue from operations for the quarter ending December. In Q3FY25, Dixon's net profit dropped 47.5 percent year-on-year to Rs 216 crore from Rs 411.7 crore in Q3FY24. Revenue for the quarter declined by over 9 percent to Rs 10,453.7 crore.

In a similar fashion, Zomato stock nosedived over 10 percent after it reported a 57 percent YoY fall in net profit at Rs 59 crore for the October-December quarter. Sequentially, profit was down 66.5 percent. Following this, analysts have cut their earnings estimates, coupled with share price targets for the food delivery and aggregator company.