India’s equity markets ended in the red on Thursday, with benchmark indices Sensex and Nifty declining ahead of the Q3 FY25 results.
The IT, PSU banks, financial services, pharma, and auto sectors dragged the indices lower.
The Sensex closed at 77,620.21, falling by 528.28 points or 0.68%, while the Nifty settled at 23,526.50, down by 162.45 points or 0.69%.
Nifty Bank closed at 49,503.5, down by 331.55 points, or 0.67%. The Nifty Midcap 100 index finished at 55,745.90, falling 524.70 points, or 0.93%, while the Nifty Smallcap 100 index ended at 18,118.35, a decline of 247.30 points, or 1.35%.
Q3 Earnings Caution Weighs On Markets; FMCG Stocks Outperform
Market experts attributed the downturn to cautious sentiment among investors, influenced by a sell-off in US bonds and weakness in Asian markets.
“Domestically, the FMCG sector outperformed, while other sectors declined, anticipating only modest improvement in Q3 earnings estimates, cautioning against high expectations,” experts noted.
On the BSE, 1,210 stocks advanced, 2,750 declined, and 107 remained unchanged.
While most sectors witnessed selling pressure, FMCG and consumption-related stocks emerged as gainers.
In the Sensex pack, Zomato, Tata Steel, NTPC, L&T, Tata Motors, HDFC Bank, TCS, SBI, Tech Mahindra, Axis Bank, UltraTech Cement, Bajaj Finance, Infosys, Maruti Suzuki, Reliance, Sun Pharma, Bajaj Finserv, and Power Grid were the top losers.
On the other hand, Nestle India, Hindustan Unilever Limited, M&M, Kotak Mahindra Bank, Asian Paints, Bharti Airtel, and ITC were the top gainers.
Foreign institutional investors (FIIs) sold equities worth Rs 3,362.18 crore on 8 January, while domestic institutional investors (DIIs) bought equities worth Rs 2,716.28 crore.
On the technical front, the Nifty index closed just above the critical support level of 23,500, forming a bearish candlestick below the 200-day EMA.
Vatsal Bhuva of LKP Securities asserted, “A follow-up breach below 23,500 would validate a sell-on-rise strategy, with further downside expected. Conversely, holding this support may lead to consolidation. For the short term, 23,500 acts as a key support, while resistance is placed at 23,800, capping any upside.”
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