Due to foreign institutional investor (FII) withdrawals, global cues, and a declining rupee, the share market experienced a significant decline in late afternoon trading on Monday, with the BSE Sensex finishing roughly 850 points lower from the day’s peak and the NSE Nifty closing below the 23,650 mark.
The Sensex was down 450 points, or 0.6 percent, at 78,248 at the end of trading on December 30, and the Nifty was down 168 points, or 0.7 percent, at 23,645. Both indices fell more than 1 percent from their peak values during the day. As a result of widespread selling pressure, market breadth stayed weak.
Except for the Nifty Pharma index, which increased by 0.53%, other NSE sectoral indexes saw negative trading. After leading the intraday recovery earlier, the Nifty Auto index led the losses with a 0.93 percent down, followed by the Nifty Bank index with a 0.86 percent decline. IT, infrastructure, and energy were among the other indices that had declines of 0.4 to 0.7 percent.
With Sun Pharma and Cipla rising 1% and 0.9 percent, respectively, pharma stocks were a rare bright spot. The India VIX jumped 7.18 percent to 14.19 during the day, indicating a spike in volatility.
With the majority of Asian indexes trading lower after Friday’s losses on Wall Street, Indian markets similarly reflected the downturn in global stocks. Due to uncertainties about the state of international commerce in 2025, U.S. investors reduced their positions before year-end, causing the S&P 500 and Nasdaq 100 to drop more than 1%.
As the penultimate trading session of 2024 progresses, the mood is likely to be dominated by global issues and market volatility. Analysts anticipate that the markets will continue to be under pressure, with the next directional clues coming from data like December quarter profits and monthly auto sales.
