The Sensex dropped 375 points to 77,773, and Nifty fell by 133 points to 23,555 amidst broad-based selling
The Indian stock market witnessed broad-based selling on Thursday, January 9, 2025, amid weakness in global markets and investor caution. By 11:00 AM, the benchmark indices were trading lower, with the BSE Sensex down by 375.04 points or 0.48% at 77,773.45, and the Nifty50 declining by 133 points or 0.56% to 23,555.
Market Performance
Major Indices at 11:00 AM
| Index | Level | Change | Percentage Change |
| BSE Sensex | 77,773.45 | -375.04 | -0.48% |
| Nifty50 | 23,555.00 | -133.00 | -0.56% |
| Nifty MidCap Index | – | -0.07% | – |
| Nifty SmallCap Index | – | -0.31% | – |
A majority of stocks on the Sensex and Nifty50 indices traded in the red. Out of the 30 Sensex stocks, 20 were down, led by L&T, Tata Motors, HDFC Bank, Ultratech Cement, and Maruti Suzuki. On the Nifty50 index, 35 out of 50 stocks were trading lower.
Sectoral Performance
The sectoral indices painted a mixed picture, with the Nifty FMCG index gaining 0.1% and the Media index up by 1%. On the other hand, most other indices registered losses. The Nifty Realty index was the biggest laggard, down 1.4%, followed by the Nifty Metal index, which fell 0.5%, and the Nifty Bank index, which dropped 0.3%.
Sector-Wise Index Performance
| Sector | Change (%) |
| FMCG | +0.10% |
| Media | +1.00% |
| Realty | -1.40% |
| Metal | -0.50% |
| Bank | -0.30% |
Primary Market Update
In the primary market, multiple IPO activities are underway. Today, the allotment of the Standard Glass Lining IPO will be finalized, while the Quadrant Future Tek IPO and Capital Infra Trust IPO are set to close for subscription. Additionally, IPOs in the SME segment, such as Avax Apparels IPO, Delta Autocorp IPO, and BR Goyal Infrastructure IPO, are also closing today.
The allotment of the Indobell Insulation IPO is expected to be finalized, while Parmeshwar Metal IPO and Davin Sons IPO will debut on the stock exchanges.
Earnings Watch
Several notable companies are set to announce their Q3 FY25 results today, including Tata Consultancy Services (TCS), IREDA, Tata Elxsi, and GTPL Hathway.
| Company Name | Expected Revenue Growth (YoY) | Expected Revenue Growth (QoQ) |
| TCS | +6.3% | +0.24% |
| Tata Elxsi | +5.8% | -0.1% |
Analysts predict that TCS will report a year-on-year revenue growth of 6.3% to ₹6,445.63 crore, compared to ₹6,060 crore in the same period last year. However, quarter-on-quarter growth is expected to be marginal at 0.24%.
Global Market Overview
Global markets contributed to the selling pressure in Indian equities. Asia-Pacific indices were broadly lower, tracking a volatile session on Wall Street.
Global Indices Performance
| Index | Closing Level | Change (%) |
| Hang Seng (Hong Kong) | -0.20% | – |
| Shanghai Composite | -0.60% | – |
| Nikkei (Japan) | -0.80% | – |
| ASX200 (Australia) | -0.60% | – |
The U.S. Federal Reserve’s minutes from its December meeting revealed concerns about inflation and the potential impact of new trade and immigration policies on economic growth. This tempered expectations for further rate cuts in 2025, reducing the projected cuts to two from four.
India’s IPO and Mutual Fund Market
The IPO market in India continues to see robust activity, with SEBI approving the offerings of Regreen-Excel EPC India, Dr. Agarwal’s Health Care, Casagrand Premier Builder, and Highway Infrastructure. Meanwhile, Amruta Healthcare and Mouri Tech have withdrawn their applications.
In mutual funds, six equity mutual fund NFOs have opened for subscription, including unique offerings like ICICI Prudential Rural Opportunities Fund and WhiteOak Capital MF’s Quality Equity Fund.
Demat Account Growth
India’s dematerialized (demat) account tally rose by 46 million in 2024, marking a 33% increase over the previous year. This takes the total number of demat accounts in the country to 185.3 million, averaging 3.8 million new accounts per month.
Regulatory Developments
SEBI has introduced significant changes, including the use of “working days” instead of “days” for compliance deadlines, aimed at improving the ease of doing business. New guidelines for research analysts and investment advisers have also been implemented to enhance investor protection and transparency.
Meanwhile, the National Stock Exchange (NSE) announced expansion plans for its colocation facility, targeting an addition of 2,000 new racks to accommodate growing demand.
Market Outlook
India’s benchmark indices remain under pressure, driven by weak global cues and broad-based selling in major sectors. IPO activities and mutual fund offerings continue to reflect optimism in the primary markets. On the earnings front, corporate results for Q3 FY25 could determine near-term market sentiment, with investors closely watching performance in the IT, banking, and consumer sectors. Global factors, including the U.S. Federal Reserve’s policy stance and China’s economic data, are likely to further influence market direction in the coming weeks.
