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Stock Market Weekend Wrap: Sensex rises 227 points; Nifty closes above 23,800

Indian Stock Market

December 27, 2024

New Delhi, India

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Indian equity markets ended the week on a positive note, with both the Sensex and Nifty registering gains on Friday. Driven by strong performances in the auto and financial sectors, the BSE Sensex closed 226 points higher at 78,699.07, while the NSE Nifty50 rose by 63 points to settle at 23,813.40.

Market Highlights:

  • Auto Sector Outperforms: The Nifty Auto index was the top sectoral gainer, rising 1.29%, supported by stocks like Mahindra & Mahindra (M&M), Tata Motors, and Eicher Motors, which gained up to 2.5%.
  • Financial Stocks Gain Traction: The financial sector rose 0.6%, reflecting investor confidence in attractive valuations.
  • Cochin Shipyard Surges: Shares of Cochin Shipyard hit the 5% upper circuit, buoyed by a substantial order from the Adani Group.

Intraday Performance:

  • The Sensex traded within a range of 79,043.15 to 78,598.55, maintaining steady momentum throughout the session.
  • Nifty50’s day high was 23,938.85, while its low touched 23,800.60.

Key Gainers and Losers:

  • Top Gainers: Dr. Reddy’s Labs, M&M, IndusInd Bank, Eicher Motors, and Wipro saw gains of up to 2.51%.
  • Top Losers: Hindalco, Coal India, SBI, ONGC, and Tata Steel recorded losses of up to 1.81%.

Broader Market Trends:

Market sentiment improved with optimism surrounding potential income tax cuts in the February budget, aimed at boosting economic growth. However, challenges persist due to foreign institutional investor (FII) sell-offs and market indecision.

As the year draws to a close, the Nifty has achieved a 9.3% year-to-date gain, with investor focus shifting to the January earnings season for further cues.

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