Mumbai: India’s benchmark indices closed lower on Thursday, weighed down by selling in IT, PSU banks, financial services, pharma, and auto sectors as the Q3 FY25 results season commenced.
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Market Performance
- Sensex: Ended at 77,620.21, down by 528.28 points (0.68%).
- Nifty: Closed at 23,526.50, down by 162.45 points (0.69%).
- Nifty Bank: Declined to 49,503.5, losing 331.55 points (0.67%).
- Nifty Midcap 100: Dropped to 55,745.90, down by 524.70 points (0.93%).
- Nifty Smallcap 100: Closed at 18,118.35, down by 247.30 points (1.35%).
Expert Insights
Market experts attributed the decline to weak performance across Asian markets and cautious investor sentiment fueled by a sell-off in US bonds.
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“Domestically, the FMCG sector outperformed, while other sectors saw declines, reflecting modest expectations for Q3 earnings improvements,” they noted.
Sectoral Highlights
- Top Gainers: FMCG and Consumption sectors.
- Declining Sectors: IT, PSU banks, financial services, pharma, and auto.
BSE Market Breadth
- Advancers: 1,210 shares ended in green.
- Decliners: 2,750 shares closed in red.
- Unchanged: 107 shares.
Top Gainers and Losers
Top Gainers:
- Nestle India
- Hindustan Unilever Limited
- M&M
- Kotak Mahindra Bank
- Asian Paints
- Bharti Airtel
- ITC
Top Losers:
- Zomato
- Tata Steel
- NTPC
- L&T
- Tata Motors
- HDFC Bank
- TCS
- SBI
- Tech Mahindra
Institutional Activity
- Foreign Institutional Investors (FIIs): Net sellers, offloading equities worth ₹3,362.18 crore on January 8.
- Domestic Institutional Investors (DIIs): Net buyers, purchasing equities worth ₹2,716.28 crore on the same day.
Technical Analysis
The Nifty index closed slightly above its critical support at 23,500, forming a bearish candlestick below the 200-day EMA.
- Support Level: 23,500.
- Resistance Level: 23,800.
“A breach below 23,500 would signal further downside, validating a sell-on-rise strategy. Conversely, holding this support may lead to consolidation,” said Vatsal Bhuva of LKP Securities.
Investors are advised to remain cautious as markets digest Q3 earnings results and global cues.