On the final trading day of 2024, Indian benchmark indices, BSE Sensex and Nifty50, opened in the red, reflecting weak global cues. At 9:17 AM, the BSE Sensex stood at 77,884.83, down by 363 points or 0.46%. Nifty50 was trading at 23,553.10, down by 92 points or 0.39%. The market showed volatility, oscillating between 23,600 and 23,900, with technical analysis indicating bearish pressure.
Market outlook remains negative for the short term, with support seen at 23,400 for Nifty, and resistance expected around 23,870. This bearish sentiment was reflected in the broader market, with US markets declining on Monday. The Dow Jones fell by 0.97%, the S&P 500 dropped 1.07%, and Nasdaq decreased by 1.19%. Asian markets were also weaker, with futures for the S&P 500, Hang Seng, and Australia’s S&P/ASX 200 all seeing losses.
On the institutional front, foreign institutional investors (FIIs) continued to sell, offloading shares worth Rs 1,893.16 crore, while domestic institutional investors (DIIs) bought shares worth Rs 2,173.86 crore. This divergence in market activity reflected a cautious sentiment, as global uncertainties and domestic market conditions weighed on investor confidence. The focus remains on upcoming market trends and whether the support at lower levels will hold or if further downside risks will materialize.
