Indian Stock Market Update on January 9, 2025 by vizzve

Indian Stock Market Update – January 9, 2025

Major Indices:

1. BSE Sensex:

   • Closed at 77,620.21, down by 528.28 points (0.68%).
   • Declines driven by profit booking in banking and IT stocks.
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2. NSE Nifty 50:

   • Ended at 23,526.50, falling 162.45 points (0.69%).
   • Heavyweights in technology and financials dragged the index lower.

Sectoral Performance:

• IT Sector:

  • TCS: Fell 1.69% ahead of quarterly results to close at ₹4,038.85.
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  • Infosys: Declined 1.8% amid muted guidance expectations.
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• Banking Sector:

  • HDFC Bank: Dropped 1.1% to ₹1,643.25 on concerns over growth.
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  • IndusInd Bank: Marginal increase of 0.01%, closing at ₹980.90.
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• Energy Sector:

  • Reliance Industries: Fell 0.77% to ₹1,255.00 amid weak sentiment.

Top Gainers:

1. Manappuram Finance:

   • Jumped 7% after a positive credit rating upgrade.
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2. Bajaj Auto:

   • Climbed 1.5% following a rating upgrade by CLSA.

Top Losers:

1. Adani Enterprises:

   • Dropped 3.2% to ₹2,456.20 amid regulatory scrutiny reports.
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2. Tata Steel:

   • Declined 2.5% to ₹132.45 due to lower global steel demand.

Factors Driving the Market:

• HSBC Downgrade:
  HSBC downgraded Indian equities to 'neutral,' reducing the 2025 BSE Sensex target by 5% to 85,990.
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• Global Economic Concerns:
  Weak Chinese inflation data and U.S. bond market volatility impacted sentiment.
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• Foreign Fund Flows:
  Net selling by FIIs added to pressure on key indices.
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Upcoming Stock Market Events – January 10, 2025

1. Tata Consultancy Services (TCS) Quarterly Results:

   • Investors expect guidance on IT spending trends, particularly in key markets like the U.S. and Europe.
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2. Wipro Quarterly Earnings:

   • Anticipation for insights into deal pipelines and margin pressures.
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3. IIP and CPI Data Release:

   • India’s Index of Industrial Production (IIP) and Consumer Price Index (CPI) data will provide crucial cues for the market's direction.
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4. Reliance Retail AGM:

   • Key updates on expansion plans and e-commerce growth strategies expected.
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5. Federal Bank Board Meeting:

• Discussions around a proposed rights issue and fund-raising plans.