Share Market Today: Indices Begin Trading In Red, Sensex Slips Under 78,500, Nifty Under 23,750

On Sensex, Adani Ports, Zomato, UltraTech Cement, and Axis Bank emerged among the gainers. On the other hand, HCL Tech, Infosys, M&M, Maruti, and Titan remained among the laggards for the day

Sector-wise, the Nifty IT index traded in red and slipped 0.95 per cent in the morning.

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The stock markets began trading in the last week of 2024 on a muted noted. The benchmark equity indices Sensex and Nifty slipped in the morning trading hours. As of 9:40 AM, the BSE Sensex tanked more than 200 points to reach 78,461.54, while the NSE Nifty50 declined almost 100 points to hit 23,721.05 in the session. This decline was attributed to unabated foreign fund outflows and weak trends in the global markets.

On the 30-share Sensex platform, Adani Ports, Zomato, ICICI Bank, UltraTech Cement, and Axis Bank emerged among the gainers. On the other hand, HCL Tech, Infosys, M&M, Maruti, and Titan remained among the laggards for the day.

The broader markets began trading majorly in red. Meanwhile, the Nifty Smallcap 50 and the Nifty Next 50 indices remained the only exceptions in green and stood at 0.09 per cent and 0.05 per cent respectively. 

Sector-wise, the Nifty IT index traded in red and slipped 0.95 per cent in the morning. On the other hand, the PSU Bank index clocked gains and climbed 0.35 per cent in the session.

Sharing an outlook for trading in the week, Vinod Nair, Head of Research, Geojit Financial Services, noted, “Looking ahead, significant market attention is expected for the upcoming Q3 results, which will play a crucial role in shaping market trajectory. Investors are likely to align their portfolios based on pre-Budget expectations.” The expert said PMI data for India, the US, and China will also influence investors in the market.

Last week witnessed consolidation along with bouts of intra-day volatility. Puneet Singhania, Director, Master Trust Group, said that FIIs showed thin volumes due to the Christmas and New Year holidays, however, the outlook for the equity market would be driven by major macroeconomic data.

Foreign Institutional Investors (FIIs) dumped Indian equities worth Rs 1,323.29 crore on Friday, according to exchange data. In Asian markets, Tokyo, Shanghai and Hong Kong traded lower while Seoul remained in positive territory. The US markets ended in the negative territory on Friday. Global oil benchmark Brent crude went up 0.07 per cent to hit $74.22 a barrel.