Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in red on Tuesday, the last trading day of 2024. While BSE Sensex was below 77,900, Nifty50 was just above 23,550. At 9:17 AM, BSE Sensex was trading at 77,884.83, down 363 points or 0.46%. Nifty50 was at 23,553.10, down 92 points or 0.39%.
Indian benchmark indices closed in negative territory on Monday, with banking and automobile stocks leading the decline.
LKP Securities' Senior Technical Analyst Rupak De noted that Nifty has fallen below its recent consolidation on the daily chart, with continued trading below the 200-DMA indicating bearish sentiment.
"The Nifty remained volatile during the session, oscillating between 23,600 and 23,900. The overall outlook remains negative for the short term, with potential downside risks. On the lower end, support is seen at 23,400, while resistance is expected around 23,870 in the near term," De said.
Technical Analysis shows bearish pressure, with Choice Broking's Hardik Matalia noting significant selling at higher levels.
US markets declined on Monday in reduced volume trading. The Dow fell 0.97%, S&P 500 dropped 1.07%, and Nasdaq decreased 1.19%. Asian markets showed weakness, with S&P 500 futures, Hang Seng futures, and Australia's S&P/ASX 200 all declining.
FIIs sold shares worth Rs 1,893.16 crore, whilst DIIs purchased shares valued at Rs 2,173.86 crore on Monday.
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