Indian stock market benchmarks ended in the red on Friday, marking a pause after a three-day gaining streak. The decline was led by selling in IT and financial services sectors.
The Sensex closed at 76,619.33, shedding 423.49 points, or 0.55%, while the Nifty settled at 23,203.20, down by 108.60 points, or 0.47%. Analysts noted that the Nifty continued to face downward pressure after encountering resistance at a key moving average level.
Market observers suggest that bearish momentum may persist if the index remains below 23,400. A drop below 23,000 could deepen the correction, with 23,400 serving as a resistance level. Since reaching a high in September 2024, the Nifty 50 has fallen 11.5%, the Midcap index has dropped 12%, and the Smallcap index has declined 11%.
The Nifty Bank index ended at 49,540.60, declining by 738.10 points, or 1.50%. The Nifty Midcap 100 index saw a slight increase of 123.85 points, or 0.23%, closing at 54,607.65, while the Nifty Smallcap 100 index gained 28.75 points, or 0.16%, to finish at 17,672.05.
On the Bombay Stock Exchange (BSE), 2,055 shares advanced, while 1,887 declined. There was no change in 123 stocks.
Prominent gainers in the Sensex pack included Zomato, Nestle India, Asian Paints, Power Grid, Tata Steel, L&T, ITC, Sun Pharma, Titan, Adani Ports, Tata Motors, Hindustan Unilever, Maruti Suzuki, and NTPC. On the other hand, Infosys, Axis Bank, Kotak Mahindra Bank, M&M, ICICI Bank, TCS, and Tech Mahindra registered losses.
Foreign institutional investors sold equities worth Rs 4,341.95 crore on January 16. Meanwhile, domestic institutional investors bought equities worth Rs 2,928.72 crore on the same day.
-IANS