Stock Market Today: Nifty Falls Below 23,450, Sensex Down 241 Points; IT Stocks Surge

TCS, Tech Mahindra, HCL Technologies, Infosys and Bajaj Finserve were among major gainers on the Nifty, while losers were, IndusInd Bank, NTPC, Ultratech cement, SBI and Sun Pharma

Stock Market Today: The BSE Midcap index fell by 1.2 per cent, while the Smallcap index dropped 2.4 per cent

Source : PTI

The Indian market closed lower on January 10 after a highly volatile session, with the Nifty falling below 23,350. The decline was driven by broad-based selling across sectors, except for IT stocks, which surged following TCS's better-than-expected Q3 results.

Despite weak Asian markets, benchmark indices opened higher but quickly gave up all their gains in the first hour. The markets fluctuated between gains and losses throughout the session, eventually closing in the red.

At the close, the Sensex was down by 241.30 points, or 0.31 per cent, at 77,378.91, while the Nifty declined by 95 points, or 0.40 per cent, to end at 23,431.50.

TCS, Tech Mahindra, HCL Technologies, Infosys and Bajaj Finserve were among major gainers on the Nifty, while losers were, IndusInd Bank, NTPC, Ultratech cement, SBI and Sun Pharma.

For the week, both the BSE Sensex and Nifty recorded a loss of more than 2 per cent.

The BSE Midcap index fell by 1.2 per cent, while the Smallcap index dropped 2.4 per cent.

Sectorial Update

With the exception of IT, all other sectoral indices closed in the red. Power, PSU, Realty, Healthcare, and PSU Bank sectors each declined by 2 per cent.

Expert Comment

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates, said, “Nifty opened marginally positive, faced weakness, and closed negatively at 23,432. The volatility index, India VIX, increased by 1.75 per cent to 14.92, indicating heightened market volatility.

“Technically, on the daily chart, Nifty formed a red candle and close below the demand zone of 23,460–23,500, indicating weakness. Immediate resistance is seen at 23,940, where the 200-Days Simple Moving Average (200-DSMA) is located. Sustaining below 23,460 could drag the index toward 23,300–23,260 levels,” Yedve added.

“Bank Nifty opened negatively, continued its downward trend, and settled the day on a negative note at 48,734. Technically speaking, Bank Nifty sustained below its 250-Days Simple Moving Average (250-DSMA) support and formed a red candle on daily scale, indicating weakness. The 250-DSMA is placed near 49,900, which will operate as a powerful barrier for the index, while the psychological level of 48,000 will act as support. As long as Bank Nifty maintains below 49,900 levels, traders are advised to book profits on bounce,” he noted.