January 10th 2025.
The stock market in Mumbai saw another day of losses as the Sensex and Nifty indices continued their downward trend for the third consecutive session on Friday. This was in line with the global market scenario, as concerns over the economy and a slowdown in quarterly earnings dampened investors' risk appetite.
Adding to the negative sentiment were the rising prices of crude oil and the strengthening of the dollar index, both of which contributed to the overall weak trend in equities. The 30-share BSE benchmark Sensex recorded a dip of 241.30 points or 0.31%, ending the day at 77,378.91. Throughout the day, the index fluctuated by a whopping 820.15 points, with the highest point at 77,919.70 and the lowest at 77,099.55. Similarly, the NSE Nifty also fell by 95 points or 0.40%, closing at 23,431.50.
Among the major blue-chip companies, IndusInd Bank, NTPC, UltraTech Cement, Sun Pharma, Axis Bank, State Bank of India, Tata Steel, Power Grid, Adani Ports, and Kotak Mahindra Bank were the most affected, all recording losses. However, the IT sector saw a boost as Tata Consultancy Services' shares jumped by almost 6% after the company reported an impressive 11.95% increase in net profit for the December quarter at Rs 12,380 crore. Other gainers included Tech Mahindra, HCL Tech, Infosys, and Bajaj Finserv.
According to exchange data, Foreign Institutional Investors offloaded equities worth Rs 7,170.87 crore on Thursday, which also added to the market's downward trend. Vinod Nair, Head of Research at Geojit Financial Services, commented that the domestic market sentiment remained subdued due to the rising crude oil prices and a strengthening dollar index. Despite the IT sector's resilience following positive Q3 results, broader indices continued to suffer due to uncertainties surrounding Trump policies and high valuations. Nair also mentioned that investors were eagerly awaiting the US non-farm payroll data for further guidance.
In other global markets, Asian markets such as Seoul, Tokyo, Shanghai, and Hong Kong all closed lower, while European markets were also trading in the red. The US markets were closed on Thursday. The global oil benchmark, Brent crude, saw a sharp rise of 2.02% to reach $78.47 a barrel. In the previous session, the 30-share BSE benchmark had dropped by 528.28 points or 0.68%, falling below the 78,000 level at 77,620.21, while the Nifty had slumped by 162.45 points or 0.69% to 23,526.50.
Overall, it was a tough day for the stock market, with the ongoing trend of losses and volatility expected to continue in the near future. Investors are keeping a close eye on the developments in the global market and are eagerly awaiting the US non-farm payroll data for further guidance.
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