Sensex down 376 points on selling in RIL, HDFC Bank

Market Performance - Benchmark indices Sensex and Nifty ended lower for the second consecutive day, influenced by heavy selling in blue-chip stocks such as Reliance Industries and HDFC Bank, alongside concerns over potential tariff increases from the US against India [1][4] - The 30-share BSE Sensex dropped by 376.28 points, or 0.44%, closing at 85,063.34, with an intraday low of 84,900.10, down 539.52 points or 0.63% [3] - The 50-share NSE Nifty declined by 71.60 points, or 0.27%, ending at 26,178.70 [3] Company-Specific Movements - Trent's shares fell by 8.62% after disappointing revenue growth in the December quarter [3] - Reliance Industries saw a decline of 4.42%, with other laggards including ITC, Kotak Mahindra Bank, InterGlobe Aviation, and HDFC Bank [4] - In contrast, ICICI Bank, Sun Pharma, Hindustan Unilever, and State Bank of India were among the gainers [4] Institutional Investment Trends - Foreign institutional investors sold equities worth ₹36.25 crore on Monday, following a brief pause in selling [4] - Domestic institutional investors, however, purchased stocks worth ₹1,764.07 crore [4] Economic Indicators - India's services sector growth moderated in December, with the HSBC India Services PMI Business Activity Index falling from 59.8 in November to 58.0 in December, marking the slowest expansion rate in 11 months [6] - Despite the slowdown, firms remained optimistic about growth prospects, although overall sentiment reached its lowest level in nearly three-and-a-half years [7]