Indian equity markets extended their losing streak for a third consecutive day on January 7 as investors stayed cautious ahead of the December quarter earnings season and amid global trade worries.
The Sensex slipped 102 points, or 0.12 percent, to close at 84,961.15. The Nifty 50 ended 72 points lower at 26,178.70, down 0.27 percent. In contrast, broader markets outperformed, with mid and small-cap stocks posting gains.
Here are the 10 key highlights from the day’s trade:
Market sentiment remained cautious ahead of Q3 earnings, with investors wary of disappointing results. Continued selling by foreign institutional investors (FIIs) also weighed on sentiment. Concerns over US-India trade relations, especially US President Donald Trump’s threat to raise tariffs over India’s purchase of Russian oil, added to the pressure.
According to Vinod Nair of Geojit Investments, markets remain in a risk-off mode due to global trade uncertainty and FII risk aversion, even as quarterly earnings are expected to improve sequentially.
The Sensex ended just below the 85,000 mark, while the Nifty stayed above 26,100, indicating limited downside but no strong buying interest.
The BSE Midcap index rose 0.47 percent, while the Smallcap index gained 0.12 percent, showing selective buying beyond frontline stocks.
Titan Company led the gains with a jump of nearly 4 percent. HCL Technologies and Wipro also ended higher, helped by strength in IT stocks.
Cipla fell over 4 percent, while Maruti Suzuki and Tata Motors also closed lower. Overall, 30 Nifty stocks ended in the red.
Nifty IT gained 1.87 percent, while consumer durables and pharma indices also moved up. Auto stocks were the biggest laggards, with the Nifty Auto index falling 0.80 percent. Bank and financial stocks also ended marginally lower.
Vodafone Idea, YES Bank and PC Jeweller were the most traded stocks by volume on the NSE.
Market breadth was almost evenly balanced. Of the 4,350 stocks traded on the BSE, 2,104 advanced, 2,068 declined and 178 remained unchanged.
About 140 stocks touched their 52-week highs, including Titan, Vedanta, Nestle India and Eicher Motors. At the same time, 121 stocks hit fresh 52-week lows, reflecting selective pressure.
Technical analysts say immediate support for the Nifty lies around 25,950–25,900. A break below this zone could push the index towards 25,800 or lower. On the upside, resistance is seen at 26,200–26,250. The near-term range is expected to remain between 26,000 and 26,300.
(By arrangement with livemint.com)
