The 30-share BSE Sensex dropped 403.24 points (-0.52%) to settle at 76,639.58, swinging between 77,069.19 and 76,263.29 during the day.
Similarly, the NSE Nifty50 ended at 23,203.20, down 108.60 points (-0.47%), touching an intraday high of 23,292.10 and a low of 23,100.35.
Broader market performance: Nifty Midcap100 and Nifty Smallcap100 outperformed the benchmarks, each rising over 1%.
Impact on the stock market
Sectoral indices performance
- Nifty IT and Nifty Private Bank were the worst-performing indices, declining over 2% each.
- Bank Nifty and Nifty Financial Services also ended lower by more than 1%.
- Nifty FMCG, Metal, OMCs, and Realty saw gains of up to 1.56%.
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| Sector/Index | Performance |
| IT & BPM sector | -2.68% |
| Healthcare sector | +0.43% |
| Oil & Gas sector | +0.43% |
| Real estate sector | +1.32% |
| PSU Bank in India | -0.22% |
Top gainers today
| Company | Price | Change % |
| Reliance Share Price | 1,302.35 | +2.83 |
| BPCL Share Price | 273.60 | +2.51 |
| Hindalco Share Price | 617.00 | +2.39 |
| Coal India Share Price | 387.65 | +2.32 |
| Nestle Share Price | 2,217.20 | +2.21 |
Top losers today
| Company | Price | Change % |
| Infosys Share Price | 1,815.45 | -5.86 |
| Axis Bank Share Price | 991.05 | -4.52 |
| Shriram Finance Share Price | 526.50 | -3.71 |
| Kotak Mahindra Share Price | 1,758.60 | -2.60 |
| Wipro Share Price | 281.95 | -2.12 |
Market aftermath: Impact on stocks
Reliance Industries: Strong Q3 results push stock up 3%
Reliance Industries Ltd (RIL) saw a 3% surge, touching an intraday high of ₹1,326 after reporting robust Q3FY25 earnings.
Consolidated EBITDA: ₹438 billion (+12% QoQ, +5% ahead of estimates).
Retail revenue growth: 7% YoY, surpassing expectations.
Reliance O2C (Oil-to-Chemicals) EBITDA rose 16% QoQ.
Stock target: Analysts project ₹1,400 (near-term) and ₹1,570 (long-term).
Also read: Reliance Share Price Soars 3% After Strong Q3 Results
Chemical stocks rally on soda ash price surge
Soda ash prices saw a global uptick, boosting chemical and fertiliser stocks.
- Top gainers: Gujarat Heavy Chemicals (+7%), Gujarat State Fertilizers & Chemicals, Rashtriya Chemicals & Fertilizers, and Fertilisers & Chemicals Travancore (up to +9%).
- Why? Rising soda ash prices enhance revenue and profitability for producers.
Wipro posts 4.5% QoQ profit growth, announces dividend
Despite posting better-than-expected Q3FY25 earnings, Wipro shares saw a decline of 5.75%.
- Net profit: ₹3,354 crore (+4.5% QoQ).
- Revenue: Flat at ₹22,319 crore.
- Dividend: Interim dividend of ₹6 per share announced.
Crude oil futures rise on strong Chinese economic data
Crude oil prices gained after China’s economic data showed stronger-than-expected GDP growth in Q4FY24 at 5.4%, driven by industrial production (+6.2%) and retail sales (+3.7%).
Crude oil prices as of January 17, 2025:
- Brent Crude: $81.70/barrel (+0.5%)
- WTI Crude: $78.38/barrel (+0.68%)
- MCX January Crude Oil Futures: ₹6,866 (+0.48%)
Market analysts expect a short-term bullish trend in crude oil, as demand from China strengthens. Additionally, reports indicate that Houthi militia attacks on Red Sea shipping may halt, reducing supply chain disruptions.
Conclusion
The Indian stock market faced a minor correction after three days of gains, led by losses in IT and banking stocks. However, Reliance Industries’ strong Q3 earnings and a rally in chemical stocks provided some cushion.
Crude oil prices gained, backed by China’s economic recovery. As we head into the next trading week, global economic trends and corporate earnings will continue to drive market sentiment.
For more stock market insights, check out the StockGro blog.
