The Indian market ended lower, snapping a three-day winning streak, with the Nifty closing around 23,200.
Selling pressure in IT and banking stocks weighed on the indices, despite strong quarterly results from Infosys and Axis Bank.
Reliance Industries provided some support, limiting losses after reporting higher profits.
Weak global cues led to a lower opening, with losses extending throughout the session.
Buying interest in oil & gas, power, PSU, realty, and metal sectors helped trim intraday losses.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY OIL & GAS
1.6
NIFTY PHARMA
0.7
NIFTY REALTY
1.3
NIFTY HEALTHCARE INDEX
0.4
NIFTY METAL
1.2
NIFTY CONSUMER DURABLES
0.4
NIFTY FMCG
1.0
NIFTY MEDIA
0.2
Top News
Fertiliser and chemical stocks surged up to 10% on January 17 as rising soda ash prices boosted revenue prospects for key players like Gujarat Heavy Chemicals and Rashtriya Chemicals and Fertilizers.
Hong Kong-based brokerage CLSA added Indus Towers Ltd. to its ‘high conviction’ list, signaling increased bullishness on the telecom stock.
Hindalco gained after Nuvama Institutional Equities upgraded it to ‘buy,’ citing Novelis’ ability to offset scrap spread tightness through volume growth and better pricing.
BPCL board OK’s Rs. 1000 crore Maharashtra Natural Gas IPO
Coating emulsions and adhesives maker Jesons Industries plans IPO
Technical Outlook: Key Indices
Indices Name
Support
Resistance
Nifty
21,281
23,500
Bank Nifty
48,000
50,000
Top Gainers and Losers
Top Gainers
% Change
Top Losers
% Change
BPCL
2.7
INFY
-5.8
RELIANCE
2.7
AXISBANK
-4.4
COALINDIA
2.5
SHRIRAMFIN
-3.7
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