Stock Market Today: Bull Is Back On D-Street; Sensex Down 423 Points, Nifty At 23,200

Infosys, Axis Bank, Kotak Mahindra Bank, M&M and TCS were among the major losers on the Sensex, while Zomato, Reliance Industries, Nestle India, Tata Steel and Asian Paints emerged as the top gainers

Stock Market Today: For the week, both the BSE Sensex and Nifty ended lower by 1 per cent

Source : ABPLIVE AI

The Indian market ended lower, breaking a three-day winning streak, with the Nifty closing around 23,200. This decline was driven by selling in IT and banking stocks, despite strong quarterly results from sector heavyweights Infosys and Axis Bank for the December quarter. However, gains in Reliance Industries, following a higher profit report, helped mitigate the losses.

At the close, the Sensex was down 423.49 points or 0.55 per cent at 76,619.33, and the Nifty dropped 108.60 points or 0.47 per cent at 23,203.20.

Infosys, Axis Bank, Kotak Mahindra Bank, M&M and TCS were among the major losers on the BSE Sensex, while Zomato, Reliance Industries, Nestle India, Tata Steel and Asian Paints emerged as the top gainers.

Weighed down by weak global cues, the Indian indices opened lower and continued to decline throughout the session. However, buying interest in oil and gas, power, PSU, realty, and metal stocks helped trim the intraday losses.

For the week, both the BSE Sensex and Nifty ended lower by 1 per cent.

The BSE Midcap and Smallcap indices ended flat.

Sector-wise, the IT and Banking indices both dropped by 2 per cent, while the oil and gas, power, FMCG, PSU, capital goods, realty, and metal indices saw gains of 1 per cent each.

Ajit Mishra, SVP, Research, Religare Broking, said, “The markets remained volatile for yet another session, slipping nearly half a per cent after three consecutive days of gains. Early weakness, driven by IT and banking heavyweights reacting to earnings, pulled the benchmark indices lower. However, resilience in key players like Reliance, ITC, and LT helped limit the decline. By the close, the Nifty settled at 23,203.2, down 0.5 per cent. Sector-wise, IT and banking led the losses, while realty, metal, and energy showed strength. Interestingly, broader indices defied the trend and ended marginally in the green.       

“The ongoing tussle between bulls and bears reflects mixed market sentiment, with select heavyweights supporting recovery hopes on a rotational basis. However, persistent FII selling and a mixed start to the earnings season are restricting upward momentum. Until clear signs of reversal emerge, we advise maintaining a “sell on rise” strategy for the index while focusing on stock-specific opportunities during the earnings season,” he added.