The Indian equity benchmark indices closed the session flat after surging over 1 percent in the opening trade. The indices gave up gains in a sharp sell-off in the last hour of the session and closed near the day's lows. The fall was led by banking stocks as ICICI Bank, HDFC Bank, and Maruti dragged the market, while TCS, Infosys, and ITC lent support.

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The 30-scrip Sensex closed at 57,200, as it declined 75 points and the Nifty50 index fell 8 points to end at 17,101. Sensex fell over 880 points from the day's high and Nifty fell over 270 points. The broader markets outperformed the headline indices as both mid-caps and small-caps rallied 1.5 percent. The market breadth favours the advances.

Among sectoral gauges, a strong rally was seen in Nifty IT, Healthcare and Pharma indices. Nifty Realty also surged over half a percent. Nifty Metal rose over 0.4 percent and Nifty Media climbed over 0.8 percent. However, banking stocks were under pressure today as Nifty Bank declined over half a percent. Nifty Auto also closed over half a percent lower.

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Among the 50 stocks on Nifty, NTPC, UPL, Sun Pharma, Tata Consumer, IndusInd Bank led the gains, as each scrip rose up to 4 percent. Leading the losses were Maruti, Tech Mahindra, Power Grid, ICICI Bank, Hero Moto.

Sun Pharma gained over 2 percent after posting an improved set of earnings. Bharti Airtel closed over 1 percent higher, but off the day's highs after an announcement of a deal with tech giant Google.

Markets this week

Sensex and Nifty fell over 3 percent this week for the second straight week, with Nifty IT being the top losing index. It lost over 6 percent this week and 12 percent in the last two weeks. Nifty Bank slipped over 3 percent for the second straight week.

The midcap index slipped over 2 percent this week and nearly 7 percent in the last two weeks. PSU Bank and PSU indices, however, posted gains for the week along with India VIX.

35 of 50 Nifty stocks fell this week, with Tech Mahindra, Wipro, Titan being the top losers. Cipla, Axis Bank, IndusInd Bank, NTPC, Maruti are the top Nifty gainers.

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(Edited by : Yashi Gupta)

First Published:Jan 28, 2022 3:37 PM IST