FINAL TRADE: Sensex declines 360 pts, Nifty settles at 21,352.6; Tech Mahindra down over 5%

Stock market today: Domestic equity indices Sensex and Nifty50 settled lower on Thursday (January 25) amid selling in banking, financial services, FMCG, IT, auto, pharma, and oil & gas stocks. Both indices slid over 0.45 per cent. The S&P BSE Sensex finished 359.64 points lower at 70,700.67, and the NSE Nifty declined 101.35 points at 21,352.6.

Among the Nifty 50 stocks, 34 advanced, with Tech Mahindra, Bharti Airtel, Divi's Laboratories, Cipla, and LTIMindtree being the top laggards, slipping in the range of 2.18 per cent to 5.59 per cent. Conversely, Bajaj Auto, Adani Enterprises, NTPC, Coal India, and IndusInd Bank were the top gainers, rising between 1.17 per cent to 5.23 per cent. 

"The benchmark indices closed on a negative note, taking cues from the global market as the positive upside coming from the US economy delayed the optimism of a rate cut. FIIs are in a selling mode as the yields on US benchmark bonds rise. The broader market is unable to hold gains as the concerns of high valuations, subpar results, and persisting geopolitical tension in the Middle East, followed by an F&O expiry, are weighing down the market," said Vinod Nair, Head of Research, Geojit Financial Services.

In the broader market, the Nifty Mid Cap 100 settled 0.45 per cent lower, whereas the Small Cap 100 closed half a per cent higher. High-beta Nifty Bank recovered over 600 points from the day's low and closed 0.48 per cent lower at 44,688.15.

BUZZING STOCKS

Tech Mahindra shares slipped over 5 per cent a day after the company posted weak Q3 numbers.

IGL shares were down over 6 per cent after the company posted mixed Q3 results.

Laurus Lab shares declined over 5 per cent a day after the company posted weak results.

HPCL shares slipped over 5 per cent after the company posted weak Q3 numbers.

TVS Motor Company shares tumbled over 3 per cent after posting Q3 results.

Conversely, Bajaj Auto shares were up over 5 per cent after the company posted strong Q3 results.

ACC shares were up over 10 per cent after the company posted Q3 results.

Indus Tower shares rose over 3 per cent a day after the company posted a good Q3 with profit increasing 18.9 per cent year-on-year (YoY).

GLOBAL MARKETS

Asian shares were mostly higher on Thursday, with Chinese stocks extending gains after Beijing announced a raft of policies to support sagging markets. Hong Kong rose 1.8 per cent and Shanghai surged 3 per cent. 

Benchmarks inched higher in Tokyo and Seoul. US futures and oil prices advanced. Late Wednesday, the Chinese central bank announced a set of rules to govern lending to property developers. Earlier, it said it would cut bank reserve requirements to put about one trillion yuan ($141 billion) into the economy.

(With inputs from agencies.)

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