Indian Stock Market Declines, Nifty Falls Below 23,800

Mumbai, Dec 30 (NationPress) The Indian stock market commenced lower on Monday as selling pressure was evident in the auto, IT, PSU bank, financial service, FMCG, media, energy, and metal sectors on Nifty in early trades.

At approximately 9:30 am, the Sensex was quoted at 78,523.25 after a drop of 175.82 points or 0.22 percent, while the Nifty was reported at 23,758.20, falling by 55.20 points or 0.23 percent.

The overall market trend remained negative. On the National Stock Exchange (NSE), 815 stocks were in the green, whereas 1,454 stocks were in the red.

Experts noted, "as investors move away from 2024 and look ahead to the New Year, there will likely be more concerns than confidence, especially in the initial days of 2025."

They also mentioned, "The primary concern for stock markets worldwide is the uncertainty surrounding Trump 2.0. Given that market valuations are elevated, any negative news could trigger corrections."

The Nifty Bank index decreased by 74.80 points or 0.15 percent to 51,236.50. The Nifty Midcap 100 index was recorded at 56,796.90, dropping by 182.90 points or 0.32 percent. The Nifty Smallcap 100 index fell to 18,673.75 after a decrease of 82.10 points or 0.44 percent.

On the sectoral front, buying activity was noted in the Pharma and Healthcare sectors.

Among the Sensex constituents, Tata Steel, M&M, HCL Tech, Tech Mahindra, Maruti Suzuki, Bajaj Finserv, Titan, Kotak Mahindra Bank, and Reliance were the top losers. In contrast, Adani Ports, Bharti Airtel, ITC, Zomato, Nestle India, ICICI Bank, NTPC, and UltraTech Cement emerged as the top gainers.

In the previous trading session on Friday, the Dow Jones dropped by 0.77 percent to close at 42,992.21. The S&P 500 fell by 1.11 percent to 5,970.84, and the Nasdaq declined by 1.49 percent to finish at 19,722.03.

In the Asian markets, Bangkok and Seoul were trading positively, while China, Japan, Jakarta, and Hong Kong exhibited negative trends.

Foreign Institutional Investors (FIIs) sold equities worth Rs 1,323.29 crore on December 27, whereas Domestic Institutional Investors purchased equities valued at Rs 2,544.64 crore on the same day.