Indian stock markets opened on a weaker note on Friday, January 17, 2025, amid muted global cues. By 3 PM, the BSE Sensex had fallen by 286.21 points (-0.37%) to 76,756.61, and the NSE Nifty50 declined 67.65 points (-0.29%) to 23,244.15. Out of the 30 Sensex stocks, half were in green, led by Zomato (+2.58%), Reliance Industries (+2.39%), Power Grid, and Nestle India. Infosys (-5.63%) and Axis Bank (-4.21%) were the top losers, weighed down by disappointing earnings.
Among sectors, the Nifty IT index slumped 2.46%, followed by Private Banks (-2.13%), with Nifty Realty and Energy indices rising 1.76% and 1.69%, respectively. The FMCG and Metal indices posted modest gains, while Auto, PSU Bank, and Pharma sectors traded mixed.
Globally, Wall Street retreated overnight amid a mixed macroeconomic data release, while Asian markets remained subdued, digesting China's Q4 GDP growth of 5.4%, beating expectations. Brent crude oil traded lower at $81.29 per barrel, and the Indian rupee weakened against the US dollar at 86.56.
On the earnings front, Reliance Industries reported a 7.4% Y-o-Y profit increase to ₹18,540 crore for Q3FY25, beating estimates. Infosys posted a revenue rise of 7.6% Y-o-Y but disappointed investors as ADRs dropped 6% in US trading. Axis Bank reported a muted 4% Y-o-Y profit growth due to rising provisions.
Investors remained cautious ahead of key global events, including the inauguration of US President-elect Donald Trump and potential rate cuts by the Federal Reserve.
