Share Market Today: NIFTY Drops 0.35%, Sensex Falls 0.49%, Shedding Over 350 Points

Share Market Update: NIFTY Down 0.35%, Sensex Slips 0.49%, Banking and IT Stocks Decline

The Indian Stock Market Exchange indices Sensex and Nifty 50 fell slightly from their previous closing following their best session in six weeks the previous day.

The Nifty 50 closed at 24188 on 2nd January 2025 and is currently running at an LTP of 24104.95 which is almost a 0.35% decline. The Sensex on the other hand closed its session yesterday with 79943.71 points and is at an LPT of 79556.75 which is a 0.49% dip from the previous closing. 

The significant losses this morning are due to profit booking amid the US dollar getting stronger.

The profit booking in heavyweight stocks like HDFC Bank, ICICI Bank, Infosys, and TCS as the investors remain concerned about their high company valuation, weak earnings, and global uncertainties. 

There is also a cautious sentiment that prevails ahead of the Q3 earnings report and policy changes under the new administration.

The US dollar has reached the highest value in 2 years which has raised concerns about the higher interest rates. The dollar getting stronger impacts emerging markets like India with issues in import and export and foreign capital outflows.

The Banking, Financial, and IT industries have significant weight in the index. The decline to up to 2% in these sectors has dragged the indices down.

Admits the losses, some firms have made significant profits. Let's check out the share market live updates in detail to have better clarity on the stocks that have added to the modest gains to their stock value. 

Oil and Natural Gas Corporation Ltd.

The ONGC shares jumped to more than 5% after Jefferies reported a “buy” rating, predicting that the stock can surge by 47% to a target of Rs 375. According to Jefferies, the recent dip in the stock price has not hurt the earnings much and the future of the stock looks good, and production is expected to grow in the KG Basin.

Tata Motors Ltd.

The Tata Motors shares prices have surged for the fourth consecutive session of gains and this momentum of gain was partly due to the global brokerage firm CLSA, which has added Tata Motors to its India focus portfolio.

Titan Company

Titan's stock has moved above its 100-day average price, now at ₹3,435.45. It’s up 1.35% today which is slightly above the 100-day average of ₹3,425.23.

Other Stocks That Have a Contribution to Pulling the Indices Up

Other stocks that have seen a modest surge in stock price are SBI Life Insurance, Nestle, Britannia, Tata Consumer Products, Coal India, Maruti Suzuki, IndusInd Bank, JSW Steel, Bajaj Finserv, etc. Whereas the most active stocks as of today are ITI, Avenue Supermarket, Tata Motors, Reliance, etc.