MUMBAI: Indian stock markets opened with selling pressure at the end of 2024, marking the year-end without a rally. The Nifty opened at 23,560.60 points, declining by 84.30 points, or 0.36 per cent, while the Sensex also continued its downward movement, opening at 77,982.57, down by 265.56 points, or 0.34 per cent.
Experts noted that the last month of 2024 remained weak for almost all emerging markets globally, with Indian markets continuing their downward trend for three months. Any upward movement in the markets now depends on the quarter 3 results and Trump’s policies after he assumes office in January.
“December has been weak for equity markets globally. S&P 500 is down by 2.34 per cent and Nifty is down by 2.6 per cent. Markets are preparing to move into the New Year with caution since uncertainty is high and valuations are stretched. Watch out for the Q3 results starting from January 10th to identify companies reporting good numbers despite the growth slowdown”, said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
In the sectoral indices on NSE, Nifty Auto, Nifty Media, Nifty Metal, Nifty PSU Bank, and Oil and Gas sectors gained, while other indices like Nifty Bank and Nifty IT were under pressure at the time of filing this report. In the Nifty 50 list, 20 stocks opened in advance, while 30 stocks declined under selling pressure. The top gainers in opening included ONGC, BEL, SBIN, and Coal India, while the top losers were Tech Mahindra, Infosys, HCL Tech, and TCS.
“Talking technicals, yesterday’s advance in the Nifty also saw the index retreat from the 23880 – 24070 zone. This hurdle area will continue to matter on the upside, while support lies between 23530 and 23590. We continue to think that a daily close above 24150 is needed for bulls to come back into the game, and more so now, particularly given that the daily Ichimoku chart has flipped to bearish with yesterday’s drop”, said Akshay Chinchalkar, Head of Research, Axis Securities.
In other Asian markets, Japan’s Nikkei 225 and South Korea’s KOSPI closed lower, while Hong Kong’s Hang Seng gained marginally along with Indonesia’s Jakarta Composite. (ANI)