The BSE Sensex closed 241.30 points lower, or a 0.31% decline, settling at 77,378.91. It fluctuated between 77,099.55 and 77,919.70 during the day.
Similarly, the Nifty50 shed 95 points (0.40%), closing at 23,431.50, with the day’s high and low recorded at 23,596.60 and 23,426.55, respectively.
The broader indices followed the downward trajectory, with Nifty Midcap100 dropping 2.08% and Nifty Smallcap100 losing 2.61%.
Impact on the stock market
Among the sectoral indices, Nifty IT stood as the lone gainer, soaring 3.44%, driven by upbeat sentiments in technology stocks. However, it was a grim day for Nifty Media: Down by 3.59%.
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| Sector/Index | Performance |
| IT & BPM sector | 3.44% |
| Healthcare sector | -2.21% |
| Oil & Gas sector | -1.06% |
| Real estate sector | -2.77% |
| PSU Bank in India | -2.72% |
Top gainers today
| Company | Price | Change % |
| TCS Share Price | 4,265.65 | +5.62 |
| Tech Mahindra Share Price | 1,705.60 | +3.82 |
| HCL Tech Share Price | 1,995.10 | +3.12 |
| Wipro Share Price | 300.55 | +2.82 |
| Infosys Share Price | 1,966.95 | +2.59 |
Top losers today
| Company | Price | Change % |
| Shriram Finance Share Price | 532.00 | -5.33 |
| IndusInd Bank Share Price | 937.60 | -4.41 |
| Adani Enterpris Share Price | 2,374.40 | -4.18 |
| NTPC Share Price | 308.25 | -3.78 |
| Bharat Elec Share Price | 271.00 | -3.64 |
Market aftermath: Impact on stocks
Tech Mahindra shines with a 4% surge
Tech Mahindra emerged as the star performer, marking its biggest single-day gain in 21 weeks, with shares rising 4% to ₹1,704.45. The surge was driven by investor optimism ahead of its Q3 FY25 results, scheduled for January 17, 2025.
The technology sector saw renewed interest, with TCS, Wipro, HCL Tech, and Infosys also contributing to the upward momentum in the Nifty IT index.
Vodafone exits Indus Towers with ₹2,800 crore deal
Vodafone Plc completed the sale of its remaining 3% stake in Indus Towers, raising ₹2,800 crore. Of this, ₹890 crore was used to repay outstanding borrowings, while the remaining ₹1,910 crore went towards acquiring additional equity in Vodafone Idea Limited, increasing its stake from 22.56% to 24.39%.
The move signals Vodafone’s strategic reallocation of funds to strengthen its position in Vodafone Idea, aiming to drive growth amid a competitive telecom landscape.
IRCTC rebounds with a 5% rally
After struggling in the last three months with an 11% loss, IRCTC shares rallied 5% to ₹800.75, buoyed by a positive outlook from brokerage firm Macquarie.
The firm initiated coverage with an ‘outperform’ rating and a target price of ₹900, implying a 15% upside. With India’s push for railway modernisation and premium trains, IRCTC’s monopoly in e-ticketing and catering services positions it as a long-term growth story.
Also read: IRCTC Q1 Results 2024
Crude oil rises amid increased heating oil demand
Crude oil futures saw a modest uptick on Friday, driven by increased demand for heating oil amid cold weather in the US and Europe.
- Brent Crude (March Futures): ₹77.20 (+0.36%)
- WTI Crude (February Futures): ₹74.17 (+0.34%)
- MCX January Crude Oil Futures: ₹6,375 (+0.05%)
According to market analysts, colder weather across the Northern Hemisphere is boosting energy demand. However, travel disruptions and geopolitical uncertainties, such as sanctions on Russia and Iran, continue to weigh on crude supply chains.
Conclusion
The Indian stock market faced a challenging day, with most indices ending in the red. While IT stocks like Tech Mahindra provided some cheer, broader market sentiment remained bearish, reflecting concerns across various sectors.
As international developments like Vodafone’s strategic moves and crude oil fluctuations influence global and domestic markets, investors are advised to stay vigilant and focus on fundamentals for long-term gains.
For more stock market insights, check out the StockGro blog.
