Taking Stock: Bears back in action; Nifty below 24,050, Sensex falls 700 pts

Market Today

After posting solid gains in the first two sessions of the new year, the bears took charge of the Dalal Street on January 3 dragging Nifty almost below the crucial 24,000 level amid selling seen in the IT, Pharma and Banking names. However, buying in media and oil & gas stocks limited extent of the losses.

At close, the Sensex was down 720.60 points or 0.90 percent at 79,223.11, and the Nifty was down 183.90 points or 0.76 percent at 24,004.75.

For the week, BSE Sensex added 0.66 percent and Nifty50 index rose 0.8 percent.

Among sectors, bank, capital goods, IT, pharma shed 1 percent apiece, while oil & gas, media rose 1 percent each.

BSE Midcap index was down 0.33 percent, while smallcap index ended flat.

Wipro, ICICI Bank, HDFC Bank, Tech Mahindra and Adani Ports were among major losers on the Nifty, while gainers included ONGC, Tata Motors, SBI Life Insurance, Titan Company and HUL.

Nearly 200 stocks touched their 52-week high on the BSE, including ITI, Lloyds Metals, Apar Industries, KIMS, Info Edge, Authum Investment, Firstsource Solustions, BLS Internation, Coromandel International, PB Fintech, Jubilant FoodWorks, 360 ONE WAM, Radico Khaitan, Eicher Motors, United Spirits, Ipca Labs, M&M, Muthoot Finance, HCL Technologies, Welspun Corp, among others. Click here to view full list

Outlook for January 6

Index	Prices	Change	Change%
Sensex	85,706.67	-13.71	-0.02%
Nifty 50	26,202.95	-12.60	-0.05%
Nifty Bank	59,752.70	15.40	+0.03%

Nifty 50 26,202.95 -12.60 (-0.05%)

Fri, Nov 28, 2025

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
M&M	3,757.30	76.10	+2.07%

Biggest Loser	Prices	Change	Change%
SBI Life Insura	1,966.00	-38.50	-1.92%

Best Sector	Prices	Change	Change%
No Best Sector details available.

Worst Sector	Prices	Change	Change%
No Worst Sector details available.

Ajit Mishra – SVP, Research, Religare Broking

The markets took a pause after a three-day rally, shedding over half a percent. Following a flat opening, the Nifty traded within a narrow range throughout the session, eventually closing near the day’s low at the 24,005 level. Sectoral trends were mixed, with energy and FMCG sectors ending in the green, while IT and pharma closed in the red. The broader indices mirrored the benchmark’s movement, finishing with a decline of nearly half a percent each.

This pullback appears to be a normal pause following the recent recovery and could persist until the Nifty decisively crosses the next resistance at 24,250. We continue to recommend focusing on stock-specific opportunities in line with sectoral trends. In the near term, sectors like FMCG, auto, and energy are expected to outperform, so positions should be aligned accordingly.

Jatin Gedia – Technical Research Analyst , Mirae Asset Sharekhan

Nifty opened mildly in the green, however could not continue with the positive momentum and closed in the red down ~184 points. On the daily charts we can observe that the Nifty has faced resistance in the zone 24180 – 24200 zone which coincides with the 20 and 40 day moving averages. On account of the correction, the Nifty is now approaching the support zone of 23940 – 23900 which coincides the key hourly moving averages and potential uptrend resumption zone.

The daily momentum indicator has a positive crossover which is a buy signal and all intermediate corrections should be considered as buying opportunity. Dips towards support zone 23940 – 23900 should be considered as a buying opportunity for immediate target of 24415. Structure weakens below 23800.

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