Markets reverse gains Sensex falls 423 pts, Nifty nears 23,200

The Indian market snapped its three-day winning streak on Friday, closing lower with the Nifty settling near 23,200, as selling pressure weighed on IT and banking stocks despite strong quarterly results from Infosys and Axis Bank. Gains in Reliance Industries, following a better-than-expected profit report, helped cushion the overall decline.At close, the Sensex was down 423.49 points or 0.55 percent at 76,619.33, and the Nifty was down 108.60 points or 0.47 percent at 23,203.20.
For the week, BSE Sensex and Nifty fell 1 percent each. BPCL, Reliance Industries, Hindalco Industries, Nestle India and Hindalco Industries were the top gainers on the Nifty while losers included Infosys, Axis Bank, Shriram Finance, Kotak Mahindra Bank, Wipro.
On the sectoral front, IT and Bank indices shed 2 percent each, while oil & gas, power, FMCG, PSU, capital goods, realty and metal indices added 1 percent each.BSE Midcap and Smallcap indices ended flat, according to information.
Market This Week
●Market falls for 2nd straight week, down over 3% in 2 weeks,
●IT is the biggest drag with Nifty IT falling 6% this week,
●Nifty IT sees the biggest weekly fall in almost a year,
●Sensex & Nifty fall 1% each, Nifty Bank 0.4% & Midcap index is flat
Rupee Close: 
On 17 Jan'25,the Indian rupee traded in a tight range and settled 1 paisa lower at 86.62  against the U.S. dollar on Friday, according to information, as massive outflow of foreign funds and falling domestic equity markets dented investors’ sentiment. A firm American currency and higher crude oil prices also weighed on the domestic unit forex traders reportedly stated.
Trading Guide:
Market experts have recommended five shares to buy -TCPL Packaging Ltd, Ganesh Housing Corporation Ltd, Godrej Properties Ltd, Aditya Birla Fashion and Retail Ltd and Grasim Industries Ltd.

(Business Correspondent)