The stock market opened in the red as trading began on Thursday, January 23, with FMCG, PSU bank, and energy stocks falling the most. At 9:20am, the benchmark BSE Sensex was down by 139.03 points or 0.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 23,137 level, a discount of nearly 60 points from the Nifty futures’ previous close.

GIFT Nifty futures are indicating a tepid start for the markets. As of around 8:30 AM, GIFT Nifty futures were trading at 23,135, reflecting a minor decline of 0.01%.

Indian benchmark indices extended the selloff on Tuesdays and are poised to close at the lowest level since the June crash. Selloff in Oil and Gas stocks and banks led the declines in the benchmark index. Nifty 50 index fell below 23,000 for the first time since June 7, 2024, and Sensex fell nearly 1,300 points on Tuesday.

For benchmark Nifty 50 index, 23000 would act as a crucial support zone and if sustains above this level, the market could bounce back to the range of 23250-23325 level, said experts

Benchmark indices rise driven by IT stocks, while broader markets face selling pressure; market breadth remains negative.

The Nifty 50 ended 130.75 points higher, or a 0.57% gain, to settle at 23,164 points, while the BSE Sensex finished the trade at 76,383 points, 0.72% higher than Tuesday’s close.

The Nifty Auto index closed on a note on Wednesday. Shares of Bharat Forge Ltd.(up 2.07 per cent), Maruti Suzuki India Ltd.(up 1.15 per cent), Balkrishna Industries Ltd.(up 1.01 per cent), Ashok Leyland Ltd.