Indian Equity Markets Close Lower, Nifty Dips Below 23,700

Mumbai, Dec 30 (NationPress) The Indian equity markets finished in the negative territory on Monday due to a surge in volatility, primarily driven by foreign institutional investors' (FIIs) outflow along with global cues that dampened investor sentiment.

The Sensex closed at 78,248.13, marking a decline of 450.94 points or 0.57 percent, while the Nifty settled at 23,644.9, down by 168.50 points or 0.71 percent.

The Nifty Bank index ended at 50,952.75, dropping by 358.55 points, which translates to 0.70 percent. The Nifty Midcap 100 index finished at 57,189.75 after an increase of 209.95 points, or 0.37 percent, whereas the Nifty Smallcap 100 index closed at 18,639.95 after a decrease of 115.90 points, or 0.62 percent.

As per Rupak De from LKP Securities, "Nifty experienced considerable volatility during the session, fluctuating between 23,600 and 23,900. On the daily chart, the index has dropped below its recent consolidation levels."

"Furthermore, it continues to trade below the 200-DMA, indicating a weak market sentiment. The overall outlook appears negative for the short term, presenting potential downside risks," he added.

On the Bombay Stock Exchange (BSE), 1,486 stocks advanced, while 2,636 stocks declined, with 145 stocks remaining unchanged.

Sector-wise, PSU Bank, auto, financial services, metal, real estate, media, energy, infrastructure, and commodities sectors were the primary gainers, whereas Pharma, IT, FMCG, and healthcare sectors faced significant losses.

Within the Sensex constituents, Tata Motors, Titan, M&M, Tata Steel, SBI, NTPC, Maruti Suzuki, HDFC Bank, and ICICI Bank were the biggest losers. In contrast, Zomato, Tech Mahindra, HCL Tech, Sun Pharma, IndusInd Bank, and Asian Paints emerged as the top gainers.

The rupee closed unchanged at 84.84 against the US dollar, a decrease of nearly 30 paisa from its previous close of 84.54 against the dollar.

On Monday, the Indian currency opened at 85.48 against the dollar after appreciating by 6 paise.

FIIs divested equities worth Rs 1,323.29 crore on December 27, while domestic institutional investors purchased equities worth Rs 2,544.64 crore on the same day.