Share Market Today: Indices End 2024's Last Trading Session In Red, Sensex Over 100 Points Down
This muted sentiment in the markets was attributed to consistent foreign fund outflows, weak trends in the global markets, and selling in IT stocks.
The stock market on Tuesday ended trading in red after beginning the session in a negative territory. The BSE Sensex closed the session a little over 100 points lower at 78,139.01, while the NSE Nifty50 settled for the day almost flat at 23,644.80.
This muted sentiment in the markets was attributed to consistent foreign fund outflows, weak trends in the global markets, and selling in IT stocks.
On the 30-share Sensex platform, Kotak Bank, ITC, UltraTech Cement, Tata Motors, and Tata Steel emerged among the gainers. On the other hand, Tech M, Zomato, TCS, Infosys, and ICICI Bank remained among the laggards for the day.
Foreign Institutional Investors (FIIs) dumped Indian equities worth Rs 1,893.16 crore on Monday, according to official exchange data. In Asian markets, Seoul and Shanghai closed the day lower, while Hong Kong traded on a high note. Wall Street ended trading on Monday in red. The global oil benchmark Brent crude gained 0.30 per cent to touch $74.39 a barrel.
In the border markets, the Nifty Microcap 250 index dominated among the gainers and closed the session 0.89 per cent higher. Meanwhile, the Nifty Midcap index plunged 0.62 per cent by the end of the session.
Sector-wise, the Nifty IT index closed the session in red and tanked 1.44 per cent during the day. On the other hand, the Nifty Oil & Gas index ended trading on a high at 1.06 per cent respectively.
The Indian rupee continued to drag and depreciated 13 paise to close at 85.65 (provisional) against the US dollar, marking a fresh record low for the domestic currency. This meant that the Indian unit ended 2024 with a sharp 3 per cent loss attributed to major foreign fund outflows and a strong dollar in the global markets. In the last trading session on Monday, the rupee settled at 85.52 against the greenback.
Anuj Choudhary, Research Analyst, Mirae Asset Sharekhan, expressed that the domestic unit is expected to trade with a negative bias on surging crude oil prices, overall strength in the American dollar and month-end dollar demand from importers.
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