Indian Equity Indices End Marginally Lower in a Volatile Session on December 24

The Indian stock market concluded on a subdued note on December 24, with key indices ending slightly lower after a range-bound trading session. The Sensex closed at 78,472.87, down 67.30 points (0.09%), while the Nifty ended at 23,727.65, down 25.80 points (0.11%).

Market Highlights

• Broader Market Performance:
  • Around 1,907 shares advanced, 1,926 shares declined, and 94 shares remained unchanged.
  • Midcaps moved in tandem with the frontline indices, while smallcaps marginally outperformed, gaining 0.3%.
• Sectoral Performance:
  • Top Gainers: Auto, FMCG, and oil & gas sectors saw buying interest, supported by recent corrections.
  • Top Losers: IT, media, metal, and PSU bank sectors faced selling pressure, with notable intraday profit booking in metal and PSU bank stocks.
• Key Stock Movers:
  • Gainers: Tata Motors, Adani Enterprises, Eicher Motors, BPCL, and ITC.
  • Losers: Power Grid Corp, JSW Steel, SBI Life Insurance, Titan Company, and SBI.

Technical Overview

The Nifty remained mostly range-bound, forming a small inside-body candle on the daily chart. The index closed below the 200-day moving average (200-DMA) for the first time in three sessions, confirming a short-term bearish trend.

• Support Levels: 23,500–23,400.
• Resistance Levels: 23,860.
• A breakout above 23,850 could trigger a rally toward 23,950–24,000, while selling pressure below 23,600 might push the index down to 23,500–23,475.

Market Sentiment

• The RSI shows a bearish crossover, reinforcing a cautious outlook.
• The market texture remains non-directional, with traders awaiting a decisive breakout in either direction.

Factors Influencing the Market

• Global and Domestic Concerns:
  • A strong dollar, elevated bond yields, and concerns about rate cuts weigh on sentiment.
  • The Indian rupee hitting an all-time low has also added to the cautious mood.
• Upcoming Catalysts:
  • The trajectory of the market in the near term will depend on Q3 corporate earnings and the Union Budget.

Summary

Despite a positive start driven by gains in the auto and FMCG sectors, the Nifty failed to sustain above 23,850, reversing gains and closing flat. The day’s action highlighted a well-defined range between 23,650–23,850, with a breakout necessary to determine the market’s next direction.

Investors are advised to maintain a cautious stance in the short term while monitoring global cues and upcoming domestic developments.