The Indian stock market closed lower on Friday, January 17, 2025, as the benchmark indices Sensex and Nifty50 snapped their three-day winning streaks. The BSE Sensex lost 423 points, or 0.55%, closing at 77,042.82 after trading within the range of 77,069.19 to 76,263.29 during the day. The Nifty50, on the other hand, ended the session at 23,311.80, down 0.47% from the previous session, after reaching an intraday high of 23,292.10 and a low of 23,100.35.
Among the top gainers in the session were Reliance Industries, BPCL, and Hindalco, while tech stocks such as Wipro and Tech Mahindra took a hit, falling 2% each. The Nifty IT index, a key sector in the market, was among the worst performers, dragging the broader indices lower. The private banking sector also faced some pressure, with major banks like Axis Bank and Kotak Mahindra Bank seeing losses.
While the benchmarks ended in the red, mid-cap and small-cap stocks showed more resilience. The Nifty Midcap 50 index closed 0.05% higher, and the Nifty Small Cap 100 index saw a gain of 0.16%, indicating relative strength in smaller stocks.
Market sentiment was further impacted by global cues, with weaker performance in international markets following mixed US economic data. However, the Indian market continued to see some positive movement in energy, FMCG, and metal stocks.
In other market news, major companies like Wipro and Tech Mahindra, both from the IT sector, reported weaker-than-expected performances, leading to a decline in their stock prices. These losses weighed heavily on the overall market sentiment.
Despite the day's losses, positive updates from Reliance Industries, BPCL, and a few other energy and industrial stocks helped cushion the fall. Moving forward, market participants will likely focus on global economic trends, earnings reports, and domestic factors like the upcoming Union Budget to gauge future market movements.
