Stock Market Today: Sensex Tanks Over 500 Points, Nifty Trade Below 23,5O0

Stock Market Today: In the previous trading session on Monday, Indian benchmark indices ended in the red, driven primarily by declines in banking and automobile stocks

Stock Market Today: US markets saw declines on Monday amid lighter trading volumes

Source : ABPLIVE AI

Stock Market Today: India's key equity benchmark indices BSE Sensex and Nifty50, opened in the red zone on Tuesday, the final trading day of 2024. The BSE Sensex was trading below 77,900, while the Nifty50 stood just above 23,550 at the time of opening. 

At 10 am on Tuesday, the Sensex declined by 499.21 points, or 0.64 per cent, to reach 77,748.92, while the Nifty fell 129.05 points, or 0.55 per cent, to reach 23,515.85.

In the previous trading session on Monday, the stock market ended in the red Zone, driven primarily by declines in banking and automobile stocks. Sensex ended 0.57 per cent lower, losing 450 points to close at 78,248, while the Nifty declined by 0.7 per cent, or 168.5 points, finishing at 23,644.90.

"December has been weak for equity markets globally. S&P 500 is down by 2.34 per cent and Nifty is down by 2.6 per cent. Markets are preparing to move into the New Year with caution since uncertainty is high and valuations are stretched," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"The high US bond yield and strong dollar will ensure that FIIs will continue to sell on every rise. DII buying will not be strong enough to take the market much higher. The fact is that even the DIIs and HNIs don’t have the conviction to accumulate stocks, except in certain pockets of fair value. Conviction to accumulate stocks will emerge only when macro indicators suggest recovery in growth and earnings," Vijayakumar added.

US markets saw declines on Monday amid lighter trading volumes, with the Dow falling 0.97 per cent, the S&P 500 dropping 1.07 per cent, and the Nasdaq retreating 1.19 per cent. Asian markets also showed weakness, as S&P 500 futures, Hang Seng futures, and Australia's S&P/ASX 200 all registered losses. On Monday, Foreign Institutional Investors (FIIs) sold shares worth Rs 1,893.16 crore, while Domestic Institutional Investors (DIIs) bought shares valued at Rs 2,173.86 crore.