Why is the stock market down today? 3 reasons why Nifty closed at 23500

Indian equity markets fell on Thursday, January 09. The BSE Sensex dropped as much as 0.77% to 77,542.92 level while the NSE compiled Nifty 50 slipped 0.78% to an intra-day low level of 23,503, testing one of the important support levels. The Nifty 50 closed the session 0.69% lower at 23,526.50. The Sensex dropped 0.68% to finish at 77,620.21.

According to the analysts, the fall in markets can be attributed to the muted earnings expectations from TCS, the weak rupee, and continuous FII selling. 

“A follow-up breach below 23,500 would validate a sell-on-rise strategy, with further downside expected. Conversely, holding this support may lead to consolidation,” said Vatsal Bhuva, Technical Analyst at LKP Securities. 

Also Read Concord Enviro shares slip 1.32% on BSE after 18% premium debut; Market valuation at Rs 1,700.51 crore Global action at this hour – Here are top 5 global cues to watch ahead of market opening Tracking buzzing stocks: Adani Ports, M&M among top gainers; Titan, Asian Paints Among the Top Losers on December 26 – Check complete list here Stocks To Watch: India Cements, Swiggy, InterGlobe Aviation, Ola Electric, Indian Oil Corporation, Dabur, Bharat Petroleum Corporation Here are three reasons why markets fell today TCS’s Q3 earnings 

Tata Consultancy Services was expected to report muted quarterly earnings for the third quarter of FY25. TCS being the bellwether of IT companies sets the tone for other IT companies. Analysts anticipated that the revenue growth in dollar terms for Tata Consultancy Services would decline sequentially as a result of furlough effects and adverse currency fluctuations. However, the company posted a net profit of Rs Rs 12,380 crore for the third quarter of the current financial year, an increase of 5.5% on year, compared with Rs Rs 11,735 crore in the same quarter a year ago. Its revenue from operations stood at Rs Rs 63,973 crore, up 5.6% on year in Q3 FY25.

The domestic markets are “anticipating only modest improvement in Q3 earnings estimates, cautioning against high expectations,” said Vinod Nair, Head of Research at Geojit Financial Services.

Weak Indian rupee

The Indian currency recorded an all-time low of 85.9150 against the dollar on Thursday on the back of an uptick in the US dollar, a surge in US bond yields,

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