Nifty, Sensex opens with selling pressure on last trading day of 2024, Bank, IT,
Indian Stock Markets End 2024 with a Downward Trend
As the year 2024 comes to a close, Indian stock markets opened with selling pressure, marking the end of the year without a rally. The Nifty index started at 23,560.60 points, a decline of 84.30 points or 0.36%, while the Sensex opened at 77,982.57, down by 265.56 points or 0.34%.
Global Market Trends
Experts have noted that December has been a weak month for equity markets globally. The S&P 500 index fell by 2.34%, and the Nifty index decreased by 2.6%. The markets are entering the New Year with caution due to high uncertainty and stretched valuations. The upcoming quarter 3 results, starting January 10th, will be crucial in identifying companies that perform well despite the growth slowdown.
Sectoral Performance
On the NSE, sectors like Nifty Auto, Nifty Media, Nifty Metal, Nifty PSU Bank, and Oil and Gas showed gains. However, indices such as Nifty Bank and Nifty IT faced pressure. In the Nifty 50 list, 20 stocks advanced, while 30 stocks declined. Top gainers included ONGC, BEL, SBIN, and Coal India, whereas Tech Mahindra, Infosys, HCL Tech, and TCS were among the top losers.
Technical Analysis
According to Akshay Chinchalkar, Head of Research at Axis Securities, the Nifty index retreated from the 23,880 - 24,070 zone, which remains a significant hurdle. Support is seen between 23,530 and 23,590, and a daily close above 24,150 is needed for a bullish trend to resume.
Asian Market Overview
In other Asian markets, Japan's Nikkei 225 and South Korea's KOSPI closed lower, while Hong Kong's Hang Seng and Indonesia's Jakarta Composite saw marginal gains.
Doubts Revealed
Nifty
Nifty is a stock market index in India, which represents the performance of 50 major companies listed on the National Stock Exchange (NSE). It helps investors understand how the stock market is doing.
Sensex
Sensex is another stock market index in India, representing 30 well-established companies listed on the Bombay Stock Exchange (BSE). It is used to gauge the overall health of the Indian stock market.
S&P 500
The S&P 500 is a stock market index in the United States, which includes 500 of the largest companies listed on stock exchanges in the U.S. It is a key indicator of the American stock market's performance.
Valuations
Valuations refer to the process of determining the current worth or value of a company or its stock. High valuations mean that stocks are priced higher than their actual worth, which can be risky for investors.
Technical analysis
Technical analysis is a method used by investors to evaluate stocks by analyzing statistics generated by market activity, such as past prices and volume. It helps predict future price movements.
Bullish trend
A bullish trend means that the stock market or a particular stock is expected to rise in value. Investors are optimistic and believe prices will go up.
Asian markets
Asian markets refer to the stock markets in Asian countries like Japan, South Korea, Hong Kong, and Indonesia. They are important because they can influence global economic trends.
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