Sensex drops 241 pts for 3rd day in a row; Nifty below 23,450

The domestic stock market closed in the red on Friday after a volatile session, with the Nifty slipping below 23,350 as broad-based sectoral selling persisted, except for IT stocks, which surged following TCS's better-than-expected Q3 results.At close, the Sensex was down 241.30 points or 0.31 percent at 77,378.91, and the Nifty was down 95 points or 0.40 percent at 23,431.50.
TCS, Tech Mahindra, Wipro, Infosys, HCL Technologies were the top gainers on the Nifty, while losers included Shriram Finance, IndusInd Bank, Adani Enterprises, NTPC and Bharat Electronics.On the sectoral front, except IT, all other sectoral indices ended in the red with power, PSU, realty, healthcare, PSU Bank down 2 percent each.BSE midcap index shed 1.2 percent and smallcap index slipped 2.4 percent. For the week, BSE Sensex and Nifty fell more than 2 percent.
Highlights of trade:
●Nifty IT index jumps 3%,
●TCS shares zoom 5% after Q3 profit rises 12% YoY,
●Tata Elxis shares tumble 7% post Q3 show,
●Shriram Finance shares drop 4% as stock trades ex-split,
●Adani Wilmar shares dive 9% as group plans to sell 20% stake.
Rupee Close:
On 10 Jan'25,the Indian rupee declined 14 paise and touched the crucial 86.00-mark  for the first time against the U.S. dollar on Friday , according to information, as it failed to resist pressure from a stronger American currency and huge outflow of foreign funds.
Surging crude oil prices overseas and negative sentiment in domestic equity markets also weighed down the Indian currency,forex traders reportedly stated.Also, dollar strengthened on increased demand amid the anticipation of restrictive trade measures by the new U.S. administration after President-elect Donald Trump takes over as president on January 20, 2025.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying, domestic market sentiment remained subdued due to rising crude oil prices, driven by supply concerns, and a strengthening dollar index. Despite the IT sector's resilience following positive early Q3 results, broader indices bled due to uncertainties surrounding Trump policies and high valuations. Consolidation may persist in the near term, yet investors are closely watching the US non-farm payroll data today for further guidance.
Market experts have recommended five stocks to buy-Vijaya Diagnostic Centre Ltd , Shaily Engineering Plastics Ltd, Marico Ltd, Aarti Industries Ltd and Aditya Birla Fashion and Retail Ltd.

(Business Correspondent))