Taking Stock: Nifty below 22,850, Sensex down 824 points; IT, media worst hit

Market Today

The Indian stock market started the Budget week on a negative note and ended lower for the second consecutive session on January 27 amid selling across the sectors

At close, the Sensex was down 824.29 points or 1.08 percent at 75,366.17. Nifty had fallen below the 22,800-level briefly on an intraday basis. It however recovered some losses and closed 263.05 points or 1.14 percent lower at 22,829.15.

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HCL Technologies, Tech Mahindra, Wipro, Hindalco Industries, Shriram Finance were among the top losers on the Nifty, while gainers included ICICI Bank, Britannia Industries, M&M, HUL and SBI.

BSE Midcap index fell 2.7 percent and smallcap index slipped 3.5 percent.

All the sectoral indices ended in the red with Media index being down 4.7 percent. IT index shed 3.4 percent while oil & gas, metal, consumer durables, pharma and energy were down 2 percent each.

Outlook for January 28

Shrikant Chouhan, Head Equity Research, Kotak Securities

Index	Prices	Change	Change%
Sensex	85,138.27	-503.63	-0.59%
Nifty 50	26,032.20	-143.55	-0.55%
Nifty Bank	59,273.80	-407.55	-0.68%

Nifty 50 26,032.20 -143.55 (-0.55%)

Tue, Dec 02, 2025

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
Asian Paints	2,954.40	86.80	+3.03%

Biggest Loser	Prices	Change	Change%
Interglobe Avi	5,697.50	-96.50	-1.67%

Best Sector	Prices	Change	Change%
Nifty Pharma	22905.00	17.20	+0.08%

Worst Sector	Prices	Change	Change%
Nifty Bank	59273.80	-407.50	-0.68%

Today, the benchmark indices extended their losses. Among sectors, all major sectoral indices witnessed profit booking at higher levels, but the Capital Markets and Media indices lost the most, with Capital Markets down 5.6% and Media down 4.5%.

Technically, after a gap-down opening, the market consistently faced selling pressure at higher levels and formed a bearish candle on daily charts, closing below the 23,000/76300 mark, which is largely negative. We believe that the current market texture is weak and volatile; therefore, level-based trading would be the ideal strategy for day traders. The 23,000/76300 level will be key to watch, as long as it trades below this threshold, weak sentiment is likely to continue.

On the downside, the market could slip to 22,750-22,650/75200-74800. However, if it rises above 23,000/76300, the sentiment may change. Above this level, a pullback formation is likely to continue until it reaches 23,100-23,150/76700-76900.

Aditya Gaggar Director of Progressive Shares

The markets continued to be under the control of the Bears, with significant losses in the Mid and Smallcap segments, putting pressure on the Index to trade lower. During the day, the Index broke through its key support level of 22,800 but managed to recover slightly, ending the session at 22,829.15 with a loss of 263.05 points. All sectors closed lower, with Media and IT taking the hardest hits. The underperformance of the broader market persisted, as Mid and Smallcaps saw declines of 2.75% and 3.84%, respectively.

The Index tested its long-term trendline support at 22,800, and a further breach below this level could push the Index lower, potentially targeting the 22,300-22,500 zone. Conversely, a decisive move above 23,400 is essential to confirm a trend reversal. Immediate resistance and support are now positioned at 23,000 and 22,660, respectively.

Jatin Gedia – Technical Research Analyst at Mirae Asset Sharekhan

Nifty witnessed a gap down opening and traded with a negative bias throughout the day. It closed down ~263 points. On the daily charts, Nifty has broken down the two week consolidation on the downside signaling resumption of the next leg of decline. We expect the Nifty to drift lower towards 22670.

On the upside, now the zone of 23000 – 23050 shall act as an immediate hurdle zone as per the principle of role reversal. Pain was more evident in the broader market with the mid and small cap index correcting 2.8% and 4% respectively. Overall, we continue to maintain our negative outlook on the index.

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