Sensex, Nifty end two-day losing streak; Nifty IT rallies 3%, Nifty Bank outperforms

The equity benchmark indices BSE Sensex and NSE Nifty snapped a two-day losing streak on Friday (January 16) but settled off the day’s highs, as mixed sectoral trends and stock-specific moves shaped market action.

The Sensex rose 188 points to close at 83,570, while the Nifty added 29 points to end at 25,694. Despite the gains, the Nifty slipped below the 25,700 mark, with nearly 30 index constituents ending the session in the red.

The Nifty Bank index outperformed the broader market, rising 515 points, or nearly 1%, to close at 60,095, ahead of the Q3 results of

ICICI Bank and HDFC Bank. The midcap index gained 97 points to settle at 59,868. Technology stocks led sectoral gains, with the Nifty IT index rallying 3% after strong Q3 results from Infosys.

Also Read:ICICI Prudential AMC shares surge 4% on strong results, S Naren extension

From the Sensex basket, Shriram Finance Ltd, Tata Consumer Products Ltd, State Bank Of India, HDFC Bank Ltd, SBI Life Insurance Company Ltd and Nestle India Ltd were the major gainers. Jio Financial Services Ltd, Hindalco Industries Ltd

, Bharat Electronics Ltd, Maruti Suzuki India Ltd, ITC Ltd and Bajaj Auto Ltd were the biggest laggards.

Among individual stocks, Kernex Micro rose over 7% after the company secured a KAVACH order worth ₹2,466 crore. Angel One jumped 9% following its Q3 results, while Polycab fell over 3% post its earnings announcement.

Federal Bank surged 10% to a record high after reporting a jump in Q3 profit and an improvement in asset quality. Shares of

360 One climbed over 4% as profit rose 20% and revenue increased 33% year-on-year. Oil marketing companies advanced after crude prices eased, with HPCL gaining 4% and BPCL rising 2% as Brent crude fell below $64 per barrel.

Also Read: Angel One shares, other capital market peers, gain up to 8% on strong quarterly results

In contrast, Cipla declined 3% after manufacturing was temporarily paused for one of its major drugs, Lanreotide. Reliance Industries closed flat ahead of its Q3 results.

In currency markets, the rupee extended its decline, weakening further to 90.87 against the US dollar. Market breadth remained tilted towards declines, with the NSE advance-decline ratio at 2:3, indicating broader selling pressure despite benchmark gains.