Final Trade: Sensex Rises 326 Points, Nifty Climbs 107 Points; IT Stocks Lead Gains

On December 24, the Indian stock market experienced fluctuations but ended the day with slight losses. The session was marked by volatility as various sectors exhibited mixed performance overall.

Market Overview

The benchmark index, Sensex, closed at 78,472.87 points, reflecting a decline of 67.30 points or 0.09%. Similarly, the Nifty 50 index finished at 23,727.65 points, down by 25.80 points or 0.11%. Broader indices had varied performances, with the BSE midcap index remaining largely flat, while the smallcap index saw a modest gain of 0.3%.

Sector Performance Highlights

Among the sectors, the auto industry stood out as a strong performer, led by Tata Motors, which surged by 1.92%. The Fast-Moving Consumer Goods (FMCG) sector also experienced positive momentum. In contrast, both the metal and PSU banking sectors faced losses due to profit-booking activities that depressed their performance.

According to Vinod Nair, Head of Research at Geojit Financial Services, the general sentiment in the market remained subdued. He stated, "The domestic market concluded flat ahead of the holiday, with metal and power stocks dragging performance while FMCG and auto sectors gained from recent corrections. The near-term market trajectory hinges on the outcome of Q3 results and the Union budget, but caution prevails due to a strong dollar, high bond yields, and concerns over rate cuts. The INR hitting an all-time low has further contributed to this caution."

Significant Stock Movements

Among notable movements on the Nifty, Power Grid Corp, JSW Steel, and Titan Company were significant losers. On the flip side, gainers included Tata Motors, Adani Enterprises, and BPCL. The Nifty Auto sector was the standout performer of the day, up by 0.57%, whereas the Nifty Metal sector was the weakest, down by 0.83%.

Market Outlook

Analysts appear cautious leading up to the Christmas holiday, reflecting a lack of clear market direction. Shrikant Chouhan from Kotak Securities noted that the market currently finds itself in a range-bound phase. He commented, "The market is waiting for a breakout in either direction. On the upside, 23,850/78,800 would be the immediate breakout levels for the bulls."

As a reminder, the market will observe a closure on December 25 for Christmas, prompting traders to keep a close eye on subsequent developments post-holiday.

Stocks, Market, Performance