On the final trading day of 2024, the BSE Sensex ended 109 points lower, closing at 78,139, amid losses in IT and select banking stocks. Despite starting the day with a significant drop, with the Sensex hitting a low of 77,561, the market showed resilience as the index recovered and reached a high of 78,248 in intra-day trading. The Sensex ultimately finished the year with a gain of 8.2%, up 8,809 points from last year, marking the 9th consecutive year of growth. The Nifty 50, which faced a similar trend, recovered from an intra-day low of 23,460 and surged to 23,690 before settling just under 23,645, nearly unchanged for the day. For 2024, the Nifty 50 posted an 8.8% gain.
Key stocks that dragged the market lower included Infosys, HDFC Bank, and ICICI Bank, with the IT sector leading the declines. The Nifty IT index slipped by 1.5%, while stocks like Tech Mahindra, Zomato, and TCS also saw notable losses. On the upside, Kotak Bank gained 2.5%, and stocks like ITC, UltraTech Cement, Tata Motors, and Tata Steel showed positive momentum.
The broader market had mixed results, with the Nifty Midcap 150 index ending flat, while the Smallcap 250 index gained 0.6%. Sectoral performance was also diverse. The Oil & Gas index jumped by over 1%, and the PSU Bank, Pharma, and Metal indices advanced by around 0.5%. On the other hand, the Nifty Realty index was among the notable losers for the day.
Market volatility increased as indicated by the India VIX, which rose 3.5% to 14.47. This uptick in volatility came amid broader global concerns and profit-taking among investors.
In the primary markets, shares of Unimech Aerospace and Manufacturing made a spectacular debut, listing at Rs 1,491 per share, reflecting a premium of nearly 90% above the issue price of Rs 785.
Overall, 2024 was a strong year for the Indian stock market, with both the Sensex and Nifty ending the year on a positive note despite the occasional dips. The market will resume normal trading on New Year’s Day, with analysts expecting continued interest in select sectors such as oil & gas, pharma, and metals in the coming year.
