Synopsis : Indian equity benchmarks traded lower on January 6, dragged by sharp losses in oil and gas stocks. Gains in metal and IT shares offered partial support, helping limit deeper cuts in the Sensex and Nifty.
Indian stock markets traded with a negative bias on January 6, as selling pressure in oil and gas stocks pulled benchmark indices lower despite selective strength in metals and information technology shares.
Around 11:00 AM, the BSE Sensex was trading at 85,185.32, down 254.30 points or 0.30 per cent, while the NSE Nifty50 slipped 39.70 points or 0.15 per cent to 26,210.60.
The decline was largely driven by weakness in oil and gas counters, with the Nifty Oil and Gas index emerging as the worst-performing sector, down 1.36 per cent. Heavyweights such as Reliance Industries and Trent weighed on both the Sensex and the Nifty, alongside Tata Motors PV.
On the positive side, select banking and IT stocks helped cushion the fall. On the BSE, ICICI Bank, Kotak Mahindra Bank, and Tech Mahindra were among the top gainers. Similarly, on the NSE, HDFC Life, Hindalco, and Apollo Hospitals posted gains, reflecting stock-specific buying interest.
Sectorally, metal stocks outperformed, with the Nifty Metal index rising 0.95 per cent, supported by improved global cues and demand optimism. IT stocks also saw selective buying, adding to the defensive support for the broader market.
In the broader market, the Nifty Midcap 100 and Nifty Smallcap 100 indices pared early gains and were trading almost flat, though with a slight negative bias, indicating a cautious stance among investors.
Overall, market sentiment remained mixed, with investors balancing sectoral headwinds in energy stocks against pockets of strength in metals, IT, and select financial names.
Disclaimer : This article is for informational purposes only and does not constitute investment advice. Stock market investments are subject to market risks. Readers are advised to consult a qualified financial advisor before making any investment decisions.
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