The Indian stock market had a solid year in 2024, finishing with an annual return of about 8%. Both the Sensex and Nifty indices have enjoyed gains for nine consecutive years. However, trading on the last day of the year brought some minor losses. The Sensex fell by 109 points, closing at 78,139.01, and Nifty remained mostly unchanged at 23,644.80 due to continued selling pressure from foreign investors, particularly in technology (IT) stocks.
Vinod Nair, Head of Research at Geojit Financial Services, noted that the year’s final trading day ended with slight losses, despite a recovery from lower points earlier in the day. He mentioned that ongoing concerns such as a stronger dollar and rising US bond yields are affecting the Indian market. Selling in IT and real estate stocks contributed to these losses, but other sectors saw some gains. The pressure on the rupee and rising crude oil prices are also affecting market sentiment. Moving forward, investors will focus more on the upcoming Q3 company results for signs of growth and the Union budget.
US Markets Overview
In the US, major stock markets opened higher at the end of 2024, capping off a two-year bull run. The S&P 500, Dow, and Nasdaq are near record highs, supported by lower borrowing costs and the rise in technology stocks driven by artificial intelligence. This year, sectors like technology and consumer goods have seen impressive growth, with some stocks gaining over 30%.
Market Technicals
Rupak De, Senior Technical Analyst at LKP Securities, commented that Nifty showed recovery after a slow start, but it still hasn’t broken through important moving averages. If Nifty goes above 23,700, it could rise to between 23,900 and 24,000. On the downside, support is at 23,550.
Top Active Stocks
The most actively traded stocks in terms of value included ITI Ltd, HDFC Bank, and ICICI Bank. In terms of volume, Vodafone Idea and Easy Trip Planners were the most traded.
Stocks in Focus
Stocks seeing strong interest from buyers include Avanti Feeds, Crisil, and Rites. Over 127 stocks reached their highest prices in a year, while 102 reached their lowest. Stocks like Easy Trip Planners and Adani Wilmar experienced significant selling pressure.
Market Sentiment
On the last trading day, market sentiment leaned towards the bulls, with more stocks gaining than losing.
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