Monitoring weak Asian markets, Indian equities on the final buying and selling session of the 12 months 2024 opened decrease. In the beginning, the 30-share BSE Sensex fell 0.51 per cent or 396.7 factors at 77,851.43, whereas the NSE’s Nifty50 index was down 0.39 per cent or 93 factors at 23,551.9.
Sectorally, IT and Realty had been the worst hit with the IT index plummeting as much as 2 per cent, whereas Pharma, PSU Banks and Oil & Fuel indices traded with delicate good points.
In 2024, Nifty steadily climbed from January to September, reaching a historic excessive of 26,277.35, earlier than giving up some good points to nonetheless shut the 12 months with a powerful 8 per cent rise. This marked Nifty’s ninth consecutive 12 months of constructive returns, regardless of FIIs promoting shares value Rs 3,03,000 crore.
Dr. V Ok Vijayakumar, Chief Funding Strategist, Geojit Monetary Providers mentioned, “December has been weak for fairness markets globally. S&P 500 is down by 2.34 per cent and Nifty is down by 2.6 per cent. Markets are getting ready to maneuver into the New Yr with warning since uncertainty is excessive and valuations are stretched. The excessive U.S. bond yield and powerful greenback will be certain that FIIs will proceed to promote on each rise.”
DII shopping for won’t be sturdy sufficient to take the market a lot larger. The actual fact is that even the DIIs and HNIs don’t have the conviction to build up shares, besides in sure pockets of honest worth. Conviction to build up shares will emerge solely when macro indicators recommend restoration in progress and earnings, he added.
As we look forward to 2025, rising US bond yields current a key danger, famous Prashanth Tapse, Senior VP (Analysis), Mehta Equities.
Asian shares
The important thing MSCI Asia ex Japan index traded within the red- down 0.18 per cent at 571.16. Most Asian markets traded on a unfavorable observe in a cautious year-end buying and selling. Shanghai Composite and Taiwan Weighted indices had been down by as a lot as 0.8 per cent on the final depend, whereas Japan markets are observing a vacation for the remainder of the week.
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