Closing Bell: Sensex falls 200 pts, Nifty below 23,450; IT index outshines

Market Close | Sensex falls 241 pts, Nifty below 23,450

Indian equity indices ended on a negative note on January 10 with Nifty below 23,450. At close, the Sensex was down 241.30 points or 0.31 percent at 77,378.91, and the Nifty was down 95 points or 0.40 percent at 23,431.50.

We wrap up today’s edition of the Moneycontrol live market blog, and will be back Monday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Sensex Today | November IIP at 5.2% Vs 3.7%, MoM 

Ajit Mishra – SVP, Research, Religare Broking

Markets witnessed heightened volatility, continuing their downward trend, and ended nearly half a percent lower. Despite a partial recovery from intraday lows, driven by a rally in IT stocks following TCS's results, sector-wide weakness resulted in a negative close. Except for IT, all other sectors faced selling pressure, with pharma, banking, and realty leading the declines. Broader indices suffered even steeper losses, falling around 2%-2.5%.

The market remains under strain, with even minor pullbacks attracting selling pressure. In the absence of any clear signs of a trend reversal, particularly in the banking index, traders are advised to use rebounds as shorting opportunities. Caution should remain a priority, with a focus on robust risk management. Additionally, as the earnings season kicks off, erratic market swings are likely to intensify. Adopting a hedged approach and maintaining disciplined position sizing is recommended for navigating the current conditions.

Prashanth Tapse, Senior VP (Research), Mehta Equities

Markets continued its downward trajectory as rupee scaling new lows due to strengthening dollar has further dampened investors’ sentiment. Amid concerns of subdued economic growth and expectations of a slowdown in the quarterly earnings, investors cut their bet on banking and mid & small cap stocks. With expensive valuations of Indian markets at large still a concern, investors would mostly resort to stock specific activities.

Vinod Nair, Head of Research, Geojit Financial Services

Domestic market sentiment remained subdued due to rising crude oil prices, driven by supply concerns, and a strengthening dollar index. Despite the IT sector's resilience following positive early Q3 results, broader indices bled due to uncertainties surrounding Trump policies and high valuations. Consolidation may persist in the near term, yet investors are closely watching the US non-farm payroll data today for further guidance.

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Shrikant Chouhan, Head Equity Research, Kotak Securities:

The Indian equity markets underperformed most of the global markets. Sensex and Nifty index declined by ~2% this week. The correction was more severe in the midcap and the small cap stocks. BSE Midcap index and Smallcap index declined by 5% during the week. Almost all major sectors saw decline in this week with BSE Capital Goods, BSE Power and BSE Reality indices witnessing weekly loss in excess of 5%.

On the contrary, BSE IT index gained post TCS results. TCS reported flat revenues and 40 bps increase in EBIT margin, broadly in line with our estimates. Deal TCV grew sharply qoq and yoy for TCS.

Crude oil price continued its uptrend during the week and any significant further increase can pose some challenge to the economy. Upcoming inflation data would be an important macro data to watch out. Stock specific action is expected over the next few weeks as the companies declare their Q3FY25 results.

Over the past decade, corporate investment in India has dropped significantly by 12 percent of GDP and policies should focus on reviving corporate investment to boost economic growth, Chinoy said. ...Read More

Currency Check | Rupee closes at record low

Indian rupee ended at fresh record low at 85.97 per dollar on Friday versus Thursday's close of 85.86.

Market Close | Sensex falls 241 pts, Nifty below 23,450; IT index outshines

Indian equity indices ended on a negative note on January 10 with Nifty below 23,450.

At close, the Sensex was down 241.30 points or 0.31 percent at 77,378.91, and the Nifty was down 95 points or 0.40 percent at 23,431.50. About 777 shares advanced, 3048 shares declined, and 87 shares unchanged.

TCS, Tech Mahindra, Wipro, Infosys, HCL Technologies were among major gainers on the Nifty, while losers were Shriram Finance, IndusInd Bank, Adani Enterprises, NTPC and Bharat Electronics.

BSE midcap index shed 1.2 percent and smallcap index slipped 2.4 percent.

Except IT, all other sectoral indices ended in the red with power, PSU, realty, healthcare, PSU Bank down 2 percent each.

Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan

Indian Rupee hit another record low on Friday as domestic markets continue to slide and sustained outflows by FIIs. A strong US Dollar and surge in crude oil prices also pressurised the Rupee.

Weak tone in the domestic markets, a strong greenback and persistent FII outflows may continue to put downside pressure on the Rupee. Rising crude oil prices, as well as surge in the US treasury yields may further weigh on the domestic unit. However, any RBI intervention may support Rupee at lower levels.

Traders may take cues from the non-farm payrolls report and consumer sentiment data from the US. USDINR spot price is expected to trade in a range of Rs 85.80 to Rs 86.15.

Stock Market LIVE Updates | Ashapuri Gold Ornament receives order of Rs 48 crore for supply of Gold Jewellery

Sensex Today | BHEL signs MoU with ONGC for exploring joint projects and collaboration in renewable energy business

Bharat Heavy Electricals Limited (BHEL) and Oil & Natural Gas Corporation Ltd. (ONGC) have signed an MoU for exploring joint projects and collaboration in the area of New and Renewable Energy business, including Fuel Cell, Electrolyser and Battery Energy Storage System based Projects.

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Sensex Today | Government releases tax devolution of Rs 1.73 lakh crore to state governments 

Stock Market LIVE Updates | Bharat Heavy Electricals shares fall most in 11 weeks

Markets@3 | Sensex down 300 pts, Nifty at 23400

The Sensex was down 309.75 points or 0.40 percent at 77,310.46, and the Nifty was down 120.10 points or 0.51 percent at 23,406.40. About 637 shares advanced, 2828 shares declined, and 57 shares unchanged.

Stock Market LIVE Updates | CARBOGEN AMCIS AG, has successfully completed the Swissmedic Inspection

Dishman Carbogen Amcis' wholly owned subsidiary namely CARBOGEN AMCIS AG, has successfully completed the Swissmedic Inspection of its Vionnaz facility, Switzerland.

Stock Market LIVE Updates | Vodafone completes placing of remaining 79.2 mn shares in Indus Towers

Earnings Watch | Indian Renewable Energy Development Agency Q3 profit jumps 26.8%, YoY

#1 Profit jumps 26.8% to Rs 425.4 crore Vs Rs 335.5 crore, YoY

#2 Net interest income grows 38.9% to Rs 622.3 crore Vs Rs 448.1 crore, YoY

Global Markets | European markets trade flat

Sensex Today | 1 million shares of Tata Steel traded in a block: Bloomberg

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Sensex Today | 1.5 million shares of Adani Wilmar traded in a block: Bloomberg

Brokerage Call | DAM Cap initiate 'buy' call on Lloyds Metals, target at Rs 1,905

#1 Company has a diverse set of operations with an iron ore (high grade) mining capacity of 10 mt

#2 Iron Ore (High Grade) mining capacity is proposed to be extended to 25 mt by 4QFY25

#3 Company will be moving up in steel value chain by setting up integrated steel facilities

#4 Expect EBITDA to rise at a CAGR of 91 percent from FY25 To FY27

#5 EBITDA to be driven by higher ore volumes & improving value-added mix

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Sensex Today| Canara Bank has 5.48 mln shares traded in a block: Bloomberg

Sensex Today| Vedanta secures $300 mln financing from banks, in talks for $200 mln more: Bloomberg

Earnings Check| CESC Q3 net profit Rs 172 crore, up 1.2% YoY

#1 CESC Q3 revenue Rs1940 crore, up 6.6% YoY

#2 Total costs Rs 2080 crore, down 1.4% YoY

#3 Other income Rs49 crore vs Rs 22 crore YoY

#4 Dividend of Rs 4.5 a share

Sensex Today| Spicejet to unground 10 aircraft by mid-Apr 2025 including four 737 MAX

Sensex Today| Shilpa Medicare: Europe nod for Tadalafil orodispersible films

Markets@2 | Sensex, Nifty trade flat

The Sensex was up 81.12 points or 0.10 percent at 77,701.33, and the Nifty was down 2.85 points or 0.01 percent at 23,523.65. About 753 shares advanced, 2671 shares declined, and 73 shares unchanged.

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Stock Market LIVE Updates | Shriram Finance shares trade ex-split

Stock Market LIVE Updates | Bombay Burmah enters into sale deed for 13.91 acres land parcel in Kanyakumari, Tamil Nadu

The company has entered into a sale deed for a land parcel of 13.91 acres in Kanyakumari, Tamil Nadu, for Rs 13.05 crore. SAV Readymix Concrete, Muthukumar Enterprises, Sri Athisaya Vinayagar Blue Metals, and PMK Builders are the buyers of the land parcel.

Brokerage Call | Morgan Syanley keeps 'underweight' call on Tata Elxsi, target cut to Rs 6,000 from Rs 6,500

#1 Q3 results missed expectations

#2 Weakness in European transportation continues

#3 Significant recovery in media & healthcare remains elusive

#4 With limited growth visibility, potential cut to consensus numbers & high valuations

#5 Stock could continue to underperform

Brokerage Call | Bernstein keeps 'outperform' rating on TCS, target at Rs 4,700

#1 Company saw signs of upcycle with higher & broad-based deal momentum

#2 Management outlook is upbeat

#3 While Q3 was in-line, deal wins grew 19 percent QoQ & 26 percent YoY

#4 Management highlighted sales cycle has shrunk, discretionary is reviving

#5 Revenue conversion likely to improve, as per company

Stock Market LIVE Updates | Mazagon Dock deliveres sixth Scorpene-class submarine to Indian Navy

The company has delivered the sixth Scorpene-class submarine, Vaghsheer, of Project P-75 to the Indian Navy. Vaghsheer can undertake various missions, including anti-surface warfare, anti-submarine warfare, intelligence gathering, and area surveillance.

Stock Market LIVE Updates | Phoenix Mills Q3 consumption up 21%

Stock Market LIVE Updates | SRF share price breaks 3-day fall

Sensex Today | Delta Corp shares surge gain 6% after SC stays GST show cause notices

Stock Market LIVE Updates | IRB Infra's toll collections up 19% YoY at Rs 580 crore in December

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