Business

Stock Market Ends Flat Ahead Of Christmas; Metals & Power Stocks Weigh On Performance

On Tuesday, the domestic stock market ended flat ahead of the Christmas holiday, as selling was observed across several sectors, including IT, financial services, pharma, PSU banks, metals, and realty.

At the close, the Sensex finished at 78,472.87, declining by 67.30 points, or 0.09%, while the Nifty closed at 23,727.65, falling by 25.80 points, or 0.11%.

The Nifty Bank index ended at 51,233, down 84.60 points or 0.16%, and the Nifty Midcap 100 index closed at 57,057.90, dropping 35 points or 0.06%. However, the Nifty Smallcap 100 index gained 44.85 points or 0.24%, ending at 18,732.65.

Market Flat Amid Weakness In Metal, Power Stocks; FMCG, Auto Sectors Gain

Market experts attributed the flat performance to weakness in metal and power stocks, while FMCG and auto sectors saw gains after recent corrections.

Experts stated, “The near-term market trajectory hinges on the outcome of Q3 results and the Union budget, but caution prevails due to a strong dollar, high bond yields, and concerns over rate cuts. The INR hitting an all-time low, further evoked the caution.”

On the Bombay Stock Exchange (BSE), 1,980 shares ended in the green, while 2,016 shares closed in the red. The remaining 96 shares saw no change.

Sector-wise, apart from Auto, FMCG, Private Banks, Consumption, and Healthcare, all other sectors ended in the red.

Among the Sensex stocks, PowerGrid, SBI, Infosys, Titan, IndusInd Bank, UltraTech Cement, Bajaj Finance, Tata Steel, and Maruti were the biggest decliners. On the other hand, Tata Motors, ITC, Nestle India, NTPC, TCS, Zomato, Axis Bank, M&M, Kotak Mahindra Bank, and Sun Pharma emerged as the top gainers.

Foreign Institutional Investors (FIIs) sold equities worth Rs 168.71 crore on 23 December, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 2,227.68 crore on the same day.

The Indian rupee weakened further, falling 9 paise to a new record low of 85.20 against the US dollar, compared to its previous close of 85.11.

The Indian stock market will remain closed on Wednesday for Christmas, with the next trading session scheduled for Thursday.

Also Read: India’s Startups Set To Contribute $120 Billion To GDP By 2030

Mankrit Kaur

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