December 30, 2024
New Delhi, India
Stock Market Today
India’s equity benchmarks ended Monday’s session in negative territory as thin year-end volumes and foreign institutional outflows weighed on investor sentiment.
The BSE Sensex fell 450.94 points (0.57%) to close at 78,248.13, while the NSE Nifty 50 declined 168.50 points (0.71%) to settle at 23,644.90. Both indices traded within narrow ranges throughout the day, reflecting a cautious market environment.
Key Market Movers
- Banking and Auto Stocks Drag:
Financial stocks led the losses, with Nifty Bank and Nifty PSU Bank declining 0.7% and 1.2%, respectively. Heavyweights HDFC Bank and ICICI Bank ended 0.8% and 1.1% lower. The Nifty Auto index also slipped nearly 2%, adding to the market’s woes. - Mixed Sectoral Performance:
Sectors like FMCG, IT, and Pharma defied the trend, with Nifty Pharma gaining 1.62%. However, Realty, Media, and Metals indices dipped up to 1.87%, reflecting a mixed sentiment. - Broader Markets:
Midcap stocks outperformed, with the Nifty Midcap100 index rising 0.37%, while the Nifty Smallcap100 fell by 0.62%. - India VIX Climbs:
The volatility gauge, India VIX, rose 5.55% to 13.97 points, signaling increased market uncertainty.
Top Gainers and Losers
- Gainers:
Adani Enterprises led the Nifty pack, surging nearly 8% after a positive brokerage outlook. IT stocks Tech Mahindra and HCLTech also saw gains, while Vodafone Idea rallied 4% on government relief measures. - Losers:
Tata Motors, Hindalco, and Bharat Electronics were among the top laggards, declining up to 2.32%.
Notable Developments
- Ola Electric Slumps:
The stock fell 6% after the resignations of two top executives raised concerns about management stability. - Gujarat Fluoro Incident:
Shares dropped nearly 6% following a tragic incident at its Dahej plant, which resulted in four fatalities.
Despite strong performances from select midcaps and IT stocks, weak global cues, a depreciating rupee, and persistent FII outflows kept overall market sentiment subdued. As markets approach the new year, investors are likely to remain cautious amid looming uncertainties.
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