Stock market today: Nifty 50, Sensex close flat, wrap 2024 with modest gains; mid, small-caps outperform | Stock Market News
Source: Live Mint
Stock market today: Despite a plethora of headwinds, such as weak quarterly earnings, foreign capital outflow, geopolitical uncertainty, weak prospects of a substantial rate cut by the US Fed, and concerns over Donald Trump’s tariff policies, Indian stock market benchmarks—the Sensex and the Nifty 50—ended the calendar year 2024 (CY24) with modest gains.
The domestic stock market remained lacklustre on the last day of the year. Sensex remained in the red almost throughout the session amid weak global cues.
The strengthening dollar continued to weigh on emerging markets like India, while investors held their bets amid feeble hopes of a deep US Fed rate cut next year. Experts also pointed out that investors expect a major policy shift in the US, and they prepare for Donald Trump’s administration with some amount of nervousness.
On the last day of the year, December 31, the Sensex closed 109 points, or 0.14 per cent, down at 78,139.01, while the Nifty 50 settled at 23,644.80, down 0.10 per cent.
Mid and small-cap indices outperformed as the BSE Midcap index climbed 0.13 per cent while the BSE Smallcap index rose 0.71 per cent.
Shares of Infosys, ICICI Bank and TCS ended as the top drags on the Sensex index.
“The final day of the year concluded with minor losses despite a recovery from the day’s lows. However, the pressure of consolidation is dragging the domestic momentum amid negative global cues and ongoing concerns over a strengthening dollar index and US bond yields,” said Vinod Nair, Head of Research at Geojit Financial Services.
Sectoral indices today
Nifty IT lost the most by 1.44 per cent. Nifty Bank also slipped by 0.18 per cent, while the Private Bank index edged up by 0.07 per cent. The PSU Bank index, however, clocked a significant gain of 0.73 per cent.
With a gain of 1.06 per cent, the Nifty Oil and Gas index ended as the top gainer among sectoral indices.
Indian stock market in 2024
Benchmark indices wrapped up the year with modest gains. The Nifty 50 rose about 9 per cent while the Sensex rose 8 per cent.
However, the mid and small-cap segments of the market posted stellar gains. The BSE Midcap index jumped 26 per cent, while the Smallcap index surged 29 per cent in 2024.
