Mumbai (Maharashtra) [India], December 26 (ANI): The Indian stock markets on Thursday closed flat after a volatile session, driven by lack of major domestic or global triggers.
At the close of the trading session, the Nifty 50 at National Stock Exchange (NSE) ended at 23,750.20, up about 22 points, or 0.1 per cent up and BSE Sensex closed at 78,472.48, down 0.39 points in the red.
Adani Ports, Shriram Finance, M&M, SBI Life Insurance, Maruti Suzuki are among the gainers, while Titan, Asian Paints, Tata Consumers, Grasim Industries, JSW Steel were the major losers at NSE.
Among sectoral indices, auto, energy, pharma, realty, PSU Bank saw buying while the selling was observed in indices of metal, FMCG, and media.
Bank Nifty opened in green, witnessed buying interest during the first hour but succumbed to heavy selling pressure later in the day, closing marginally lower at 51,171.
Vinod Nair, Head of Research, Geojit Financial Services says, “On the last expiry day of the year, the domestic market remained flat throughout the day amidst holidays in peer markets and a lack of major domestic or global triggers.”
“Auto shares saw gains from recent corrections. However, concerns over FII outflows and the depreciating rupee persist, given the strengthening US dollar index and worries about potential adverse tariffs and concerns over rate cuts in 2025, held the muted market trend,” he stated.
According to the experts, the investors in the market are still optimistic about a year-end rally in the indices as 2024 draws to a close. However, market sentiments remain weak, and with only four trading sessions left, hopes rest on a rally that traditionally starts at the end of the year and extends into the early days of January.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said,” The market will be expecting both fiscal and monetary stimulus. These expectations can keep the market in a consolidation phase in the near-term. The market reaction after the Budget and monetary policy will depend on the policy initiatives.”
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. says “Technically, Nifty has been attempting to cross the 200-Day Simple Moving Average (200-DSMA) hurdle over the last three sessions but has been unable to sustain above it, forming a small red candle. The 200-DSMA is currently placed near 23,855, which will act as an immediate hurdle for the index.”
He added that a sustainable move above 23,855 will push the index further higher to 24,000-24100 levels. On the downside, 23,500 serves as immediate support.
In the short term, the index is expected to consolidate within the 23,500-23,850 range, with a breakout on either side determining its future trajectory, he added. (ANI)
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