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IT Stocks Rally on TCS Outlook, Adani Wilmar Falls on OFS, Tata Elxsi Slumps on Weak Q3 Results
IT Stocks Rally on TCS Outlook, Adani Wilmar Falls on OFS, Tata Elxsi Slumps on Weak Q3 Results
Written by - Fisdom Research
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January 10, 2025
2 minutes
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Market Snapshot
Indian markets ended lower after a highly volatile session, with the Nifty closing below 23,350.
Selling pressure was witnessed across sectors, except for IT stocks, which rallied following TCS’ better-than-expected Q3 results.
Despite weak cues from Asian markets, benchmark indices opened higher but quickly erased gains within the first hour.
Markets oscillated between gains and losses throughout the day before ending on a negative note..
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY IT
3.4
NIFTY FINANCIAL SERVICES
-1.3
NIFTY FMCG
-0.7
NIFTY BANK
-1.6
NIFTY OIL & GAS
-1.1
NIFTY METAL
-1.6
NIFTY AUTO
-1.2
NIFTY PRIVATE BANK
-1.7
Top News
IT stocks ended higher, led by TCS’ 6% surge after an upbeat demand outlook, with Infosys, HCLTech, Wipro, and Tech Mahindra gaining 1-4%.
Adani Wilmar shares hit a 10% lower circuit as Adani Commodities launched a two-day offer-for-sale (OFS) for non-retail investors, aiming to sell 17 crore shares (13.5% of equity) ahead of retail investor participation on January 13.
Tata Elxsi fell 6.77% after reporting disappointing Q3FY25 results, with a 3.5% YoY drop in net profit and rising expenses impacting margins despite a 3% YoY revenue increase..
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
23,000
23,800
Bank Nifty
47,500
50,000
Top Gainers and Losers
Top Gainers
% Change
Top Losers
% Change
TCS
5.6
SHRIRAMFIN
-5.3
TECHM
3.6
INDUSINDBK
-4.3
HCLTECH
3.2
ADANIENT
-4.0
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