The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 23,325 level, a discount of nearly 52 points from the Nifty futures’ previous close.

Domestic frontlines Nifty 50 and Sensex extended their rout to the afternoon session on January 17, trading with sharp cuts as the optimism from the past three sessions waned. Investors rushed to take profits off the table following the three-day technical pullback, as the bearish sentiment held strong.

Reliance Industries Ltd., HDFC Bank Ltd., Maruti Suzuki Ltd., Kotak Mahindra Bank Ltd., Larsen & Toubro added to the Nifty 50 index.

The Nifty 50 ended the session with a gain of 0.16% at 23,213, while the Sensex closed at 76,724 marking a 0.29% increase from the previous close. The Nifty Smallcap 100 index rose by 0.56% to 17,353,

Financial heavyweights and Adani Group stocks were key drivers of the gains, with Adani stocks rising up to 18%. Select PSU banks, including Central Bank, UCO Bank, and Indian Overseas Bank, rose on reports of Qualified Institutional Placement (QIP) initiatives.

The performance comes ahead of the Budget 2025 announcement, with Q3 earnings, foreign investors flow and global trends emerging as key triggers currently. On January 14, 2025, the market is open despite the public holiday in many states due to the celebration of Makar Sankranti 2025.

The Indian market ended lower, breaking a three-day winning streak, with the Nifty closing around 23,200. This decline was driven by selling in IT and banking stocks, despite strong quarterly results from sector heavyweights Infosys and Axis Bank for the December quarter.

The Sensex slipped 423.49 points, or 0.55%, to close at 76,619.33. Likewise, Nifty 50 declined 108.60 points, or 0.47%, to end at 23.203.20.

Indian equity benchmarks, BSE Sensex and Nifty50, saw a sharp decline in opening trade on Friday. BSE Sensex fell over 450 points, while Nifty50 dropped below 23,200. At 10 am, the Sensex dropped by 363.