Representational image of the facade of the Bombay Stock Exchange (BSE) building in Mumbai
| Photo Credit: Reuters
Equity benchmark indices Sensex and Nifty declined in early trade on Friday (January 17, 2025) after a three-day rally dragged by Infosys and Axis Bank.
Also, continuous foreign fund outflows and muted global trends added to the markets’ decline.
The 30-share BSE benchmark Sensex declined 485 points to 76,557.79 in early trade. The NSE Nifty dropped 144.75 points to 23,167.05.
From the 30-share blue-chip pack, Infosys dropped over 5% despite raising its annual sales forecast for a third time this fiscal year.
Infosys Ltd, India’s second-largest IT services firm, on Thursday reported 11.46% rise in the third quarter net profit on pick-up in demand, which also prompted the company to raise its annual sales forecast for a third time this fiscal year.
Axis Bank also fell by over 5% post-earnings announcement.
Tata Consultancy Services, HCL Tech, IndusInd Bank and ICICI Bank were the other big laggards from the pack.
In contrast, Reliance Industries traded over 2% higher after the firm reported a 7.4% rise in December quarter net profit as retail business rebounded, telecom earnings surged on higher tariffs and mainstay oil and petrochemicals business delivered consistent performance.
Tata Motors, Larsen & Toubro, Nestle and Asian Paints were among the other gainers.
“There are two positives for the market today: One, the declining trend in the dollar index and the U.S. bond yields continue. Second, the Q3 results from the big boys RIL and Infosys are better than expected.
“These two stocks have the potential to lead a minor recovery in the market. Even though the declining dollar index and US bond yields are positive, the declines are not adequate to arrest the sustained selling by FIIs. Therefore, any significant recovery in the market will be sold into,” V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
In Asian markets, Seoul, and Tokyo traded lower while Shanghai and Hong Kong quoted in the positive territory.
U.S. markets ended lower on Thursday.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,341.95 crore on Thursday, according to exchange data.
Global oil benchmark Brent crude climbed 0.42% to $81.63 a barrel.
The 30-share BSE index climbed 318.74 points or 0.42% to revisit 77,000 level at 77,042.82 on Thursday. On the similar lines, the Nifty rallied 98.60 points or 0.42% to 23,311.80.
Published – January 17, 2025 10:34 am IST
