Nifty, Sensex plunge due to falling IT stocks along with private banks and auto

The stock market plunged into the red on Friday, January 17, as IT, private banks, and auto stocks fell.

At 9:20am, the benchmark BSE Sensex was down by 451 points or 0.59%, reaching 76,591.82. The broader NSE Nifty was down by 140.40 points or 0.6%, reaching 23,171.40.

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Which stocks fell the most?

Among the 30 Sensex stocks, Infosys Ltd fell the most by 4.49%, trading at ₹1,839.70. This was followed by Axis Bank Ltd, which fell 3.38%, trading at ₹1,005, and Tata Consultancy Services Ltd, which fell 2.24%, trading at ₹4,113.95.

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How did individual sectors perform?

Among the Nifty sectoral indices, Nifty IT fell the most by 2.38%, reaching 42,158.80, followed by Nifty Private Bank, which fell 1.23%, reaching 23,907.70, and Nifty Auto, which fell 0.82%, reaching 22,674.10.

Infosys fell the most in the IT index by 4.35%, Axis Bank fell the most in the banking index by 3.15%, and Mahindra & Mahindra Ltd fell the most among the auto stocks by 1.66%.

Infosys had also just released its financial results for the third quarter of the financial year 2024-25 yesterday on January 16, 2025, showing a 11.4% year-on-year rise in net profits and a 7.5% rise in revenue from operations.

Only the Nifty Oil & Gas index was in the green with all other indices being in the red. The Oil & Gas index was up by 0.91%, reaching 10,821.05.

This comes amid oil prices having seen a rise. Brent Crude was up by 0.42% or $0.34, reaching $81.63 per barrel when it comes to March 2025 futures, while WTI Crude Oil was up by 0.66% or $0.52, reaching $79.20 per barrel for February 2025 futures.

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How did the stock market perform in the previous session?

The stock market was in the green on Thursday, January 16, 2025, continuing the rise seen on the previous two days to that, despite having crashed on Monday.

The Sensex closed 318.74 points or 0.42% in the green, reaching 77,042.82.

The Nifty closed 98.60 points or 0.42% in the green, reaching 23,311.80.

Among the Sensex stocks, Adani Ports and Special Economic Zone Ltd rose the most by 2.03%, closing at ₹1,151. This was followed by State Bank of India, which rose 1.64%, closing at ₹766.40, and Bajaj Finserv Ltd which rose 1.47%, closing at ₹1,696.60.

Among the Nifty sectoral indices, Nifty PSU Bank rose most by 2.55%, closing at 6,307.60, followed by Nifty Financial Services Ex-Bank which rose 2.06%, reaching 25,351.50, and Nifty Midsmall Financial Services which rose 1.88% reaching 15,567.95.