The Indian stock market benchmarks, the Sensex and the Nifty 50, ended lower on Wednesday, December 24, due to profit booking in select heavyweights, including Reliance and ICICI Bank, amid mixed global cues. The Sensex dropped 116 points, or 0.14%, to close at 85,408.70, while the Nifty 50 settled at 26,142.10, down 35 points, or 0.13%. The BSE Midcap index fell 0.37%, while the Smallcap index ended 0.14% lower. The overall market capitalisation of BSE-listed firms slipped below ₹475 lakh crore from ₹475.70 lakh crore in the previous session.
Indian stock market: 10 key highlights from the day
1. Why did the market benchmarks fall?
The domestic market ended with nominal losses amid a lack of fresh domestic triggers. Investors are booking profits at rise- a trend which is expected to continue until December quarter earnings announcements start. Focus remains on India-US trade negotiations and global trends.
“Indian equities moved largely sideways in a holiday-shortened week, with trading volumes remaining subdued as the year draws to a close—a trend mirrored across broader Asian markets. On the global front, stronger-than-expected US GDP data points to economic resilience, although rising unemployment has tempered optimism,” said Vinod Nair, Head of Research, Geojit Investments.
2. Top gainers in the Nifty 50 index
Trent (up 2.26%), Shriram Finance (up 1.69%), and Apollo Hospitals Enterprise (up 1.46%) ended as the top gainers in the index.
3. Top losers in the Nifty 50 index
InterGlobe Aviation (down 1.55%), Adani Enterprises (down 1.37%), and Dr. Reddy’s Laboratories (down 1.28%) ended as the top losers in the index. As many as 30 stocks ended with losses in the index.
4. Sectoral indices today
Barring Nifty Media (up 0.44%), Realty (up 0.17%), and Metal (up 0.15%), all sectoral indices ended lower.
Nifty Oil and Gas (down 0.76%), Pharma (down 0.51%), and IT (down 0.51%) ended among the top losers.
Nifty Bank slipped 0.20% to end at 59,183.60.
5. Most active counters in terms of volume
Vodafone Idea (60.65 crore shares), Groww (15.6 crore shares), and Tata Mutual Fund Tata Silver Exchange Traded Fund (11.2 crore shares) were the most active counters in terms of volume on the NSE.
6. Eight stocks jump more than 15% on BSE
Teamo Productions HQ, Modi Rubber, and Oval Projects Engineering were among the eight stocks that surged more than 15% on the BSE.
7. Advance-decline ratio
Out of 4,332 stocks traded on the BSE, 1,841 advanced, while 2,346 declined. Some 145 stocks remained unchanged.
8. 115 stocks hit 52-week highs
Vedanta, Shriram Finance, Hindalco Industries, and Eicher Motors were among the 115 stocks that hit their 52-week highs in intraday trade on the BSE.
9. 102 stocks hit 52-week lows
ACC, Raymond, Mrs. Bectors Food Specialities, Patel Engineering, PCBL Chemical, and TeamLease Services were among the 102 stocks that hit their 52-week lows on the BSE.
10. Nifty’s technical outlook
Shrikant Chouhan, Head of Equity Research, Kotak Securities, said on the higher side, 26,250 remains the crucial resistance zone for the bulls, whereas 26,100 would be the immediate support area.
“On the higher side, above 26,250, the market could move up to 26,350-26,400, while below 26,100, the chances of hitting 26,000 would increase,” said Chouhan.
As per Sudeep Shah, Vice President – Technical and Derivatives Research at SBI Securities, the resistance zone of 26,200-26,250 will act as important resistance for Nifty. Any sustained move above the 26,250 level could lead to continuation of an up move towards the 26,350 level, followed by 26,500.
On the downside, Shah said the 20-day EMA zone of 26,050-26,000 will act as an immediate support for the index.
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