Today's stock market: On December 31, the Nifty 50 closed at 23,644.80, down 0.10 percent, while the Sensex closed 109 points, or 0.14 percent, lower at 78,139.01.
Stock market today: Indian stock market benchmarks, the Sensex and the Nifty 50, ended the calendar year 2024 (CY24) with modest gains despite a number of challenges, including poor quarterly earnings, foreign capital outflow, geopolitical uncertainty, dwindling prospects of a significant rate cut by the US Fed, and worries about Donald Trump's tariff policies.The final day of the year saw little activity on the local stock market. Due to weak global cues, the Sensex was in the red for the majority of the session.
While investors held their bets in the face of weak expectations of a significant rate drop by the US Fed next year, the appreciating dollar continued to put pressure on emerging countries such as India. Experts also noted that investors are apprehensive about Donald Trump's administration and anticipate a significant change in US policy.
The Nifty 50 ended the year at 23,644.80, down 0.10 percent, while the Sensex closed 109 points, or 0.14 percent, lower at 78,139.01 on December 31.
The BSE Midcap index increased by 0.13 percent, while the BSE Smallcap index increased by 0.71 percent, indicating that the mid and small-cap indices did better.
The major drags on the Sensex index at the end were shares of Infosys, ICICI Bank, and TCS.
"Despite a rebound from the day's lows, the year's last day ended with slight losses. However, in the face of unfavorable global indicators and persistent worries about a rising dollar index and US bond yields, the pressure of consolidation is slowing down domestic growth, according to Vinod Nair, Head of Research at Geojit Financial Services.
"The rupee is under pressure and mood is being dampened by FII outflows and rising crude costs. However, in light of global uncertainty, the market's attention is anticipated to return to domestic Q3 data for insights into possible growth and profits recovery, as well as to the Union budget, which provides a short- to medium-term perspective," Nair stated.
Today's sectoral indexes
The largest loss was 1.44 percent for Nifty IT. Additionally, Nifty Bank experienced a 0.18 percent decline, but the Private Bank index saw a 0.07 percent increase. On the other hand, the PSU Bank index saw a noteworthy increase of 0.73%.
Among sectoral indices, the Nifty Oil and Gas index emerged as the biggest gainer, gaining 1.06 percent.
The benchmark indices for the Indian stock market in 2024 ended the year with slight gains. While the Sensex increased by 8%, the Nifty 50 increased by almost 9%.
Outlook for the Nifty 50
The chart showed a spinning top candlestick pattern, which indicates indecision but also raises the chance of a positive divergence in the RSI, which could indicate a change in momentum, according to Progressive Shares director Aditya Gaggar.
"23,700 is the immediate obstacle, and 23,880 would be the next resistance level if a trend reversal were confirmed. "23,470 is still a crucial support level on the downside," Gaggar stated.
Since the index was unable to break above any notable moving averages, Rupak De, Senior Technical Analyst at LKP Securities, emphasized that the technical setup is still in place.
"On the higher end, the Nifty may rise to 23,900–24,000 if it breaks above 23,700. Support is positioned at 23,550 on the lower end," De added.
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