Indian Markets Stall as 2024 Closes with Steady Decline

Indian stock markets ended 2024 with selling pressure, as Nifty dropped by 0.36% and Sensex by 0.34%. Global markets remain weak and cautious entering the New Year. Emerging sector indices show mixed results, and upcoming Q3 earnings are pivotal in gauging future growth.

Indian stock markets began the final trading day of 2024 with a decline, failing to stage a year-end rally. The Nifty index opened at 23,560.60, marking a drop of 84.30 points or 0.36%, while the Sensex also descended by 265.56 points or 0.34% to 77,982.57.

Market experts observed that December has been sluggish for equities globally, with emerging markets feeling the pressure. The Indian market has been on a downward trajectory for three months. Future market movements are expected to hinge on the upcoming Q3 results and policy directions under the new Trump administration, set to begin in January.

Sectoral variations were noted, with Nifty Auto, Media, Metal, PSU Bank, and Oil and Gas witnessing gains. However, indices such as Nifty Bank and Nifty IT faced selling pressures. Among Nifty 50 stocks, 20 showed gains at the opening, while 30 declined, with ONGC, BEL, SBIN, and Coal India leading gains, and Tech Mahindra, Infosys, HCL Tech, and TCS experiencing losses.

Technical analysis suggests that the Nifty faces resistance in the 23,880 - 24,070 range, with significant support between 23,530 and 23,590. A daily close above 24,150 is critical for a bullish turnaround, according to Akshay Chinchalkar from Axis Securities. Other Asian markets displayed mixed results; Japan's Nikkei 225 and South Korea's KOSPI dropped, while Hong Kong's Hang Seng and Indonesia's Jakarta Composite posted slight gains. (ANI)

(With inputs from agencies.)