January 8, 2025
New Delhi, India
Stock Market Analysis
Indian equity markets closed marginally lower today, after a highly volatile trading session. Both the Sensex and Nifty witnessed last-hour recoveries, limiting losses despite weak performances in broader market indices.
Key Index Performances:
- Sensex: Down by 50.62 points (0.06%) to settle at 78,148.49 after hitting an intraday low of 77,486.79.
- Nifty 50: Declined 18.95 points (0.08%) to close at 23,688.95.
- Midcap Index: Fell 599 points to 56,271, shedding 1%.
- Nifty Bank: Declined by 367 points to 49,835.
Market Movers:
- Top Gainers: ONGC, ITC, Reliance Industries, TCS, Asian Paints.
- Top Losers: Apollo Hospitals, Trent, Bajaj Auto, Adani Ports, Shriram Finance.
Sectoral Highlights:
- Gains were observed in FMCG, oil & gas, and IT, rising 0.3-1.5%.
- Declines were noted in PSU banks, pharma, metal, media, banking, and auto, dropping 0.4-1%.
Recovery Driven by Key Stocks:
Reliance Industries and TCS were instrumental in aiding the late-session recovery. Reliance ended near its intraday high with a 2% gain, bolstered by positive brokerage reviews. TCS advanced nearly 2% ahead of its Q3 earnings announcement, contributing to a 2% rebound in the Nifty IT index.
Weak Market Breadth:
The broader market remained under pressure as declines outpaced advances by a 2:1 ratio, reflecting subdued investor sentiment.
Contributing Factors:
- Cautious Trading: Investors stayed on the sidelines ahead of the earnings season and amid revised lower economic growth projections.
- FII Outflows: Foreign Institutional Investors (FIIs) net sold equities worth ₹1,491.46 crore, according to exchange data.
- Global Cues: Mixed signals from international markets further dented sentiment.
While bellwether stocks like Reliance and TCS provided stability, broader market weakness and cautious investor sentiment underscored the challenges faced by Indian equities. As the earnings season approaches, market participants remain watchful for signs of economic and corporate recovery.
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