Tue Jan 07 07:20:07 UTC 2025: ## Indian Stock Market Sees Mixed Performance on January 7, 2025
**Mumbai, India** – India’s stock market showed mixed results on January 7, 2025, with the Sensex closing up 0.49% at 78,345.47 and the Nifty 50 rising 0.61% to 23,760.05. While some sectors experienced significant gains, others saw losses and flat trading.
Among the day’s highlights:
* **ONGC surged 4.99%** after CLSA upgraded its rating and price target, predicting a substantial upside potential. This positive outlook was echoed by other analysts who highlighted multiple volume and realization triggers for the company in 2025.
* **Zomato’s stock saw diverging opinions,** with Morgan Stanley maintaining a bullish outlook while Jefferies downgraded it to “Hold,” citing concerns about increased competition in quick commerce.
* **Several companies announced positive developments,** including Mangalam Global Enterprise starting production, Shakti Pumps (India) approving a fund raise, and Royal Orchid Hotels signing a new property. Kalyan Jewellers reported strong revenue growth, and Akasa Air announced a new COO.
* **The rupee depreciated 7 paise** against the US dollar to 85.75, influenced by a strong American currency and foreign fund outflows, although the decline was partially offset by gains in the domestic equity markets and lower crude oil prices.
* **Mobikwik Systems reported a standalone net loss** of ₹2.9 crore for the quarter ended September 2024, contrasting with a profit of ₹5.8 crore in the same period last year.
* **The real estate sector showed positive signs,** with office leasing in top Indian cities rising by a fifth in 2024 and residential sales increasing by 7%.
Negative news included the detection of two Human Metapneumovirus (HMPV) cases in Tamil Nadu, although officials reported that the situation was stable. The Nifty experienced its worst single-day fall since October 3rd on the previous day, raising concerns about the market’s recovery.
Several companies announced IPOs, including Standard Glass Lining which saw significant oversubscription on its first day. Other notable corporate actions included new orders for L&T, and the listing of Indo Farm Equipment at a premium.
Despite positive global cues, analysts expressed caution about the Indian market’s vulnerability to selling pressure due to high valuations and a lack of significant positive triggers. The overall sentiment remains mixed, with a need for sustained positive momentum to drive further market gains.
First Piper 