Indian equity indices ended lower on the second consecutive session on January 6 with Nifty below 23,650. At close, the Sensex was down 1,258.12 points or 1.59 percent at 77,964.99, and the Nifty was down 388.70 points or 1.62 percent at 23,616.05.

The Indian equity markets witnessed a sharp sell-off on Monday, with the benchmark indices ending near the day’s lows. The broader market underperformed, with the Nifty Smallcap 100 index plunging more than 3%. The Nifty Midcap 100 also took a significant hit, shedding 1,564 points to close at 56,367.

All sectoral indices ended in the red, with the Nifty PSU Bank index leading the losses, down 4%. Most banking stocks were under pressure following muted quarterly updates, with Union Bank of India falling nearly 8%. Kotak Mahindra Bank slipped over 3% after the resignation of its COO and CTO.