Indian stock market ends lower after 3-day gains, Nifty below 23,250

Published 17-01-2025, 09:42 pm
© Reuters.  Indian stock market ends lower after 3-day gains, Nifty below 23,250

Mumbai, Jan 17 (IANS) India's domestic benchmark indices ended lower on Friday as selling was seen in the IT and Financial service sectors.Sensex ended at 76,619.33 down by 423.49 points or 0.55 per cent, and Nifty settled at 23,203.2, down by 108.60 points, or 0.47 per cent.

The Nifty remained under bearish pressure for yet another session. Sentiment remains weak as the index declined after encountering resistance at a crucial moving average, according to experts.

“This bearish sentiment may persist in the short term or as long as the index remains below 23,400. On the downside, it could drift toward 23,000. A decisive break below 23,000 might trigger a broader market correction. Conversely, 23,400 is likely to remain a strong resistance level,” said Rupak De of LKP Securities.

Since the recent peak in September 2024, the Nifty 50 has fallen by 11.5 per cent, with the Midcap index down 12 per cent and the Smallcap index sliding 11 per cent.

“The decline has steepened over the past week, but the real story lies beneath these numbers. Many individual stocks are down by 25-40 per cent, reflecting the broader pain that major indices often mask," according to Krishna Appala of Capitalmind Research.

Nifty Bank ended at 49,540.6 down by 738.10 points or 1.50 per cent. The Nifty Midcap 100 index closed at 54,607.65 after climbing 123.85 points, or 0.23 per cent, while the Nifty Smallcap 100 index closed at 17,672.05 after adding 28.75 points, or 0.16 per cent.

On the Bombay Stock Exchange (BSE), 2,055 shares ended in the green and 1,887 shares in the red, whereas there was no change in 123 shares.

In the Sensex pack, Zomato (NS:ZOMT), Nestle (NS:NEST) India, Asian Paints (NS:ASPN), Power Grid (NS:PGRD), Tata Steel (NS:TISC), L&T, ITC (NS:ITC), Sun Pharma (NS:SUN), Titan (NS:TITN), Adani Ports, Tata Motors (NS:TAMO), Hindustan Unilever (NS:HLL) Limited, Maruti Suzuki (NS:MRTI) and NTPC (NS:NTPC) were the top gainers. Whereas, Infosys (NS:INFY), Axis Bank (NS:AXBK), Kotak Mahindra Bank (NS:KTKM), M&M (NS:MAHM), ICICI Bank (NS:ICBK), TCS (NS:TCS) and Tech Mahindra (NS:TEML) were the top losers.

In the meantime, foreign institutional investors (FIIs) sold equities worth Rs 4,341.95 crore on January 16, on the other hand, domestic institutional investors bought equities worth Rs 2,928.72 crore on the same day.

--IANS

skt/na/dpb

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.