Indian Stock Market Concludes 2024 on a Steady Note, Approaches New Year with Care
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Mumbai, Dec 31 (NationPress) The domestic benchmark indices wrapped up trading flat on Tuesday as stock markets braced for the New Year with a measured approach due to significant uncertainty and valuations.
The last trading day of 2024 ended with slight declines, although there was a recovery from the day's lowest points. The primary losses were recorded in IT and realty stocks, while other sectors witnessed positive movements.
The Sensex closed at 78,139.01, decreasing by 109.12 points or 0.14 percent, whereas Nifty finished at 23,658, gaining 13.25 points or 0.06 percent.
Nifty Bank closed at 50,887, down by 65.75 points, or 0.13 percent. The Nifty Midcap 100 index ended at 57,153.45 after a decline of 36.30 points, or 0.06 percent, while the Nifty Smallcap 100 index concluded at 18,763.30 with an increase of 123.35 points, or 0.66 percent.
Experts suggest that the market's attention will pivot back to domestic Q3 results for indications of potential growth and earnings recovery, as well as the upcoming Union budget, providing a short to medium-term outlook amidst global uncertainties.
On the Bombay Stock Exchange (BSE), 2,321 shares finished in the green, while 1,648 shares closed in the red, and 110 shares remained unchanged.
Sector-wise, IT, Financial Services, and Realty sectors were the main losers, while PSE, Oil & Gas, Auto, PSU Bank, Pharma, FMCG, Metal, Media, Energy, Private Bank, Infra, and Commodities sectors recorded significant gains.
Within the Sensex pack, Tech Mahindra, Zomato, TCS, Infosys, ICICI Bank, Bajaj Finance, and Hindustan Unilever faced the biggest losses. In contrast, Kotak Mahindra Bank, ITC, Ultra Tech Cement, Tata Steel, SBI, Tata Motors, and L&T emerged as the top gainers.
Rupak De from LKP Securities mentioned that after a sluggish start, the Nifty made a notable recovery during the trading session.
“Nevertheless, the technical setup remains stagnant as the index did not manage to surpass any crucial moving averages. Despite this, market sentiment seemed to improve throughout the day,” he stated.
“The rupee traded lower at 85.68, down by 0.12 rupees, as the recent 7 percent rally of the dollar index continues to apply pressure on the domestic currency.”
“The immediate expectation for the rupee is within the range of 85.55 and 85.80 as markets look for fresh global cues,” noted Jateen Trivedi of LKP Securities.
On December 30, foreign institutional investors (FIIs) offloaded equities worth ₹1,893.16 crore, while domestic institutional investors purchased equities valued at ₹2,173.86 crore on the same day.
