Image Source : INDIA TV Stock market update for January 17.
Stock markets update: Equity benchmark indices declined in early trade on Friday amid weak trends in Asian markets and unabated foreign fund outflows. In the early trade, the 30-share BSE Sensex fell 485 points to 76,557.79. Meanwhile, the Nifty also declined 144.75 points to 23,167.05.
Major gainers and laggards
At the start of trading, the 30-stock BSE Sensex saw nine stocks in the green, with Reliance Industries emerging as the top gainer, up by 2.03 per cent. Other notable gainers included Sun Pharma, Nestle India, Larsen & Toubro, and ITC. However, the losses were largely driven by Infosys, which dropped 4.49 per cent, followed by Axis Bank, HCLTech, TCS, and Mahindra & Mahindra. On the Nifty50, 31 stocks were trading lower, with Infosys again leading the losses, down 4.50 per cent. Other stocks in the red included Axis Bank, Mahindra & Mahindra, Trent, and Wipro. On the flip side, gains were led by Reliance Industries, which saw a rise of 2.68 per cent, followed by Hindalco Industries, Tata Consumer Products, HDFC Life, and Coal India.
Sectoral performance
In terms of sector performance, most sectoral indices were in the red. The Nifty IT index emerged as the biggest drag, falling 2.31 per cent, followed by a 1.54 per cent decline in the Private Bank index. The Nifty Bank dropped by 0.95 per cent, and the Financial Services index was down by 0.93 per cent. Other sectors, including Auto, Pharma, PSU Bank, Healthcare, and Consumer Durables, also posted losses.
Rupee against dollar
Meanwhile, the rupee rose 3 paise to 86.58 against the US dollar in early trade on Friday on the back of softening American currency. Higher crude oil prices and volatile global trends failed to prevent the withdrawal of foreign funds from domestic equities, capping a significant recovery in the Indian currency, forex traders said. At the interbank foreign exchange, the rupee opened at 86.60 and touched a high of 86.55 before trading at 86.58 against the greenback in initial deals, 3 paise higher from its previous close.
(With inputs from PTI)
