On Friday, the Indian stock market opened on a steady note, buoyed by strong Q3 results from Tata Consultancy Services (TCS).
The IT giant’s stock rose by 3.7% to Rs 4,186 in early trade, boosting overall sentiment in the IT sector, which gained over 2%.
At 9:34 AM, the Sensex stood at 77,442.68, down 177.53 points (0.23%), while the Nifty was at 23,458, losing 68.50 points (0.29%).
On the NSE, 656 stocks traded in the green, whereas 1,477 were in the red.
Nifty Bank slipped 67.95 points (0.14%) to 49,435.55. The Nifty Midcap 100 fell 273 points (0.49%) to 55,472.90, and the Nifty Smallcap 100 declined 101.50 points (0.56%) to 18,016.85.
Market analysts expect stock-specific action to dominate during the ongoing results season.
“Results of TCS indicate that the IT sector will continue to remain resilient,” Analysts noted.
In the Sensex pack, TCS, Tech Mahindra, Infosys, HCL Tech, Tata Motors, Nestle India, and Bajaj Finance emerged as top gainers.
On the other hand, IndusInd Bank, Zomato, NTPC, SBI, Power Grid, Kotak Mahindra Bank, Tata Steel, Axis Bank, Titan, and Asian Paints were the top losers.
Global cues remained mixed. The Dow Jones rose 0.25% to close at 42,635.20, and the S&P 500 edged up 0.16% to 5,918.30. However, the Nasdaq dipped 0.06% to finish at 19,478.88 on Wednesday.
Asian markets also showed a mixed trend. Jakarta and Seoul were in the green, while Hong Kong, China, Bangkok, and Japan traded lower.
Experts noted, “In the context of the looming uncertainty regarding US President-elect Donald Trump ’s likely actions, the market is unlikely to rally in the near-term.”
“There appears to be no respite to the sustained foreign institutional investors (FII) selling which touched Rs 7,170 crore on Thursday. This will continue to put pressure on the market,” they added.
Domestic institutional investors (DIIs) provided support, buying equities worth Rs 7,639.63 crore on 9 January.
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