Indian benchmark indices ended the week almost unchanged, with gains in certain sectors offsetting losses in others. The Sensex closed at 78,699.07, rising 226.59 points, or 0.29%, while the Nifty settled at 23,813.40, gaining 63.20 points, or 0.27%.
In Friday’s trading session, investors showed strong buying interest across sectors such as pharma, auto, IT, media, and private banks, helping lift the indices.
Although key sectors saw positive movement, the broader market remained cautious due to ongoing concerns about FII (Foreign Institutional Investor) outflows and the weakening rupee. The IT sector experienced notable declines, contributing to a neutral performance overall.
Meanwhile, the volatility index, India VIX, dropped by 5.68% to 13.24, reflecting a decrease in market volatility.
Experts suggested that if the Nifty sustains a move above the 23,900 level, it could push the index toward the 24,000–24,100 range. They identified 23,500 as a crucial support level.
Hrishikesh Yedve, Senior Analyst at Asit C Mehta Investment Intermediates Ltd, noted that the market is likely to consolidate between 23,500 and 23,900 in the short term, with a breakout on either side determining its next direction.
External factors continue to weigh on market sentiment. Concerns over global economic policies, particularly uncertainties surrounding US President Donald Trump’s economic agenda and high market valuations, have raised doubts, especially in emerging markets.
The potential for adverse tariffs and lower expectations for interest rate cuts in 2025 has added to the cautious outlook.
Looking ahead, market participants are closely watching the Q3 earnings season, which is expected to provide important direction for market trends. Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, explained that with no immediate triggers in sight, the market could remain range-bound in the short term.
He added, “Investors are likely to adjust their portfolios based on pre-budget expectations, while key data such as PMI figures for India, the US, and China, and US jobless claims will influence market sentiment.”
Meanwhile, the Q3 business updates, set to be released in the first week of January 2025, will attract significant attention from investors seeking clues about corporate performance in the upcoming earnings season. Experts believe these updates will be crucial in shaping market sentiment at the start of the year.
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