Stocks faced another bear attack on Friday, which was more visible in the major markets. The Nifty Next 50 fell over 1,300 points or 2 percent, the Nifty Midcap 100 tumbled 1,160.15 or 2 percent and the Nifty SmallCap 100 tumbled 473 points or 2.61 percent.
The number of stocks that hit a 52-week low (264) on the BSE was significantly more than the number of stocks that hit a 52-week high (102). The BSE market capitalization continued its downward trend during the week, declining from ₹44.02 lakh crore on January 6 to ₹43.12 lakh crore on January 10, 2025.
Market breadth remained decisively negative: 3,167 stocks fell despite 827 advances, while 84 remained unchanged on the D Street exchange.
The benchmark BSE Sensex closed at 77,378.91, down 241.30 points or 0.31 per cent, while the Nifty 50 ended at 23,431.50, down 95.00 points or 0.4 per cent. Both indexes fell about 2.4% this week, snapping a two-week winning streak.
On a day marked by significant currency swings and mixed market performance, IT majors emerged as the biggest gainers, while the broader market witnessed selling pressure. The Indian rupee crossed the crucial ₹86 mark against the US dollar for the first time, closing at an all-time low amid strengthening in the US currency and significant foreign fund outflows.
TCS led the IT pack gain among Sensex stocks with a gain of 5.67 per cent to close at ₹4,265.55, followed by Tech Mahindra which rose 3.63 per cent to ₹1,703; HCL Technologies rises 3.13 per cent to ₹1,995.60, and Infosys rises 2.55 per cent to ₹1,966.70. Bajaj Finserv was the only non-IT stock among the top gainers, rising marginally by 0.55 per cent to ₹1,699.85.
The banking and infrastructure sectors faced significant selling pressure with IndusInd Bank emerging as the biggest loser, falling 4.41 per cent to ₹937.60. NTPC fell 3.78 per cent to ₹308.20, while UltraTech Cement fell 3.57 per cent to ₹10,866.20. State Bank of India and Sun Pharma also posted losses of 2.26 per cent and 2.25 per cent to close at ₹743.15 and ₹1,785 respectively.
Among the sectoral indices, BSE Power fell 3.07 percent, Utilities (2.86 percent), Real Estate (2.64 percent), Industrials (2.08 percent), Commodities (2.05 percent) and Consumer Durables (1 .98 percent). On the other hand, BSE IT rose 3.17 percent.
“The November 24 IIP data is an encouraging sign, but decisive action will be critical and all eyes will be on the Union Budget 2025-2026,” said Arsh Mogre, Institutional Equities economist at PL Capital – Prabhudas Lilladher, in comments on the latest industrial report. Production data shows a growth of 5.2 percent in November 2024.
At the forex market, the rupee opened at 85.88 and touched an intraday high of 85.85 before settling at 86.00 against the US dollar. The decline came amid rising US bond yields, which stood at 4.69 percent, and the strengthening dollar index at 109.01. Foreign institutional investors (FIIs) remained net sellers, losing ₹7,170.87 crore in the capital markets on Thursday.
Global oil prices showed an upward trend, with Brent crude futures rising 1.96 percent to $78.43 per barrel, adding to cautious market sentiment ahead of expected restrictive trade measures from the incoming U.S. government.
