Business

Indian Share Market Begins New Year On Flat Trajectory

The domestic benchmark indices opened flat on Wednesday, with selling pressure observed in auto, PSU banks, financial services, pharma, and metal sectors on the Nifty.

At 9:35 am, the Sensex was trading at 78,054.12, down 84.89 points or 0.11%. The Nifty stood at 23,617.55, declining by 27.25 points or 0.12%.

Market experts noted that Indian equity markets began the New Year on a cautious note. “The near-term trend appears weak, dominated by concerns over GDP and earnings growth,” they stated.

Sectoral Performance And Key Movements

Nifty Bank fell 46.65 points or 0.09% to 50,813.55. The Nifty Midcap 100 index rose by 70.95 points or 0.12% to 57,270.40. Meanwhile, the Nifty Smallcap 100 index gained 62.35 points or 0.33% to reach 18,831.55.

Buying activity was visible in IT, FMCG, Media, and Energy sectors on the Nifty. Top losers in the Sensex pack included Axis Bank, ICICI Bank, Tata Steel, SBI, and Tata Motors. Gainers included Sun Pharma, Asian Paints, TCS, and Tech Mahindra.

Asian markets displayed mixed trends. Jakarta and Hong Kong traded in green, while China, Bangkok, Seoul, and Japan were in red. In the U.S., the Dow Jones declined 0.07%, the S&P 500 fell 0.43%, and the Nasdaq dropped 0.90% in the last session.

Experts warned of headwinds from a strong dollar and high U.S. bond yields, which could lead to further FII selling. On December 31, FIIs sold equities worth ₹4,645.22 crore, while DIIs bought equities worth ₹4,546.73 crore.

They advised investors to remain cautious and track macroeconomic data for potential market movements.

Also Read: Year Ender: India’s Unprecedented Milestones Across Technology, Defence, And Sustainability In 2024

Ajaypal Choudhary

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