Mumbai (Maharashtra) [India], December 31 (ANI): Indian stock markets opened with promoting stress on the finish of 2024, marking the year-end with no rally.
Nifty opened at 23,560.60 factors, declining by 84.30 factors or 0.36 %, whereas Sensex additionally continued its downward motion, opening at 77,982.57, down by 265.56 factors or 0.34 %.
Experts famous that the final month of 2024 remained weak for nearly all rising markets globally, with Indian markets persevering with their downward development for 3 months. Any upward motion within the markets now will depend on the quarter 3 outcomes and Trump’s insurance policies after he assumes workplace in January.
“December has been weak for equity markets globally. SP 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” mentioned V Ok 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, whereas different indices like Nifty Bank and Nifty IT have been below stress on the time of submitting this report.
In the Nifty 50 listing, 20 shares opened upfront, whereas 30 shares declined below promoting stress. The high gainers in opening included ONGC, BEL, SBIN, and Coal India, whereas the highest losers have been 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” mentioned Akshay Chinchalkar, Head of Research, Axis Securities.
In different Asian markets, Japan’s Nikkei 225 and South Korea’s KOSPI closed decrease, whereas Hong Kong’s Hang Seng gained marginally together with Indonesia’s Jakarta Composite. (ANI)