Markets Fall After 5-Day Rally: IT Stocks, Asian Peers Drag

By By Rediff Money Desk, MUMBAI
Jan 16, 2024 10:07
Indian stock markets declined on Tuesday after a five-day rally, driven by profit-taking in IT stocks and weak trends in Asian markets. The Sensex fell 226.93 points, while the Nifty dropped 68.25 points.
Illustration: Dominic Xavier/Rediff.com
Mumbai, Jan 16 (PTI) Benchmark equity indices declined in early trade on Tuesday after rallying sharply in the past five sessions, amid profit-taking in IT stocks and weak trends from Asian markets.

The 30-share BSE Sensex fell 226.93 points to 73,101.01. The Nifty declined 68.25 points to 22,029.20.

In the last five session, the BSE benchmark rallied 1,972.72 points or 2.76 per cent. The Nifty jumped 584.45 points or 2.71 per cent.

Among the Sensex firms, HCL Technologies, Wipro, Tech Mahindra, NTPC, Reliance Industries, Infosys, Tata Consultancy Services and HDFC Bank were the major laggards.

IT stocks fell on profit-taking after rallying sharply in the past two sessions.

Tata Motors, Bajaj Finance, Maruti and Asian Paints were among the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were quoting lower.

The US markets were closed on Monday on account of Martin Luther King, Jr. Day.

The Sensex jumped 759.49 points or 1.05 per cent to settle at a new closing high of 73,327.94 on Monday. During the day, it zoomed 833.71 points or 1.14 per cent to reach its all-time peak of 73,402.16. The Nifty climbed 202.90 points or 0.93 per cent to settle at a new closing high of 22,097.45. During the day, it surged 221 points or 1 per cent to reach a lifetime intra-day high of 22,115.55.

Global oil benchmark Brent crude climbed 0.18 per cent to USD 78.29 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,085.72 crore on Monday, according to exchange data.
Read More On:
sensexniftyprofit-takingtech mahindraasian marketswiproit stocksmarket trendsindian stock markethcl technologies
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

You May Like To Read

MORE NEWS

RBI Adds 8 Tons Gold to Reserves in Nov 2024: WGC

The Reserve Bank of India added 8 tonnes of gold to its reserves in November 2024,...

Akzo Nobel India to Sell Powder Coatings Biz,...

Akzo Nobel India's board has approved exploring the sale of its powder coatings...

Market Crash: Investors Lose Rs 10.98 Lakh Crore

Indian markets crashed today, wiping out Rs 10.98 lakh crore of investor wealth due to...

Rane & ZF Partner for Electric Power Steering...

Rane and ZF announce collaboration to introduce rack drive and column drive electric...

ICICI Securities Settles Sebi Case for Rs 40.2...

ICICI Securities has settled a case with Sebi for alleged violation of stock brokers...

IIFCL to Raise Rs 8,000 Cr via Borrowing in Q4...

India Infrastructure Finance Company Ltd (IIFCL) plans to raise Rs 8,000 crore from...

RBI Consolidates Credit Information Reporting...

The Reserve Bank of India (RBI) has issued a master direction consolidating...

Fisheries Minister Launches 50 Projects in...

Union Fisheries Minister Rajiv Ranjan Singh launched 50 projects worth Rs 50 crore in...

Regional Air Connectivity Remains Govt...

India's civil aviation secretary emphasizes regional air connectivity as a priority,...

P S Raj Steels IPO Approved by NSE Emerge

P S Raj Steels, a stainless-steel pipes and tubes manufacturer, has received...

Read More »

Sectoral Indices Market Indicators Listed Companies Gainers Losers Mutual Funds Portfolio Watchlist
© 2025 Rediff.com