Mumbai (Maharashtra) [India], December 29 : The stock market commenced the trading day on a subdued note, opening in the red territory. The Sensex took a dip of 166.96 points, starting the day at 72,261.03, while the Nifty opened 63.35 points lower at 21,723.40.
Among the Nifty companies, 13 witnessed declines, and 37 experienced gains. Top gainers included Tata Consumer Products, Tata Motors, Adani Ports, Adani Enterprises, and Nestle India. Conversely, BPCL, Apollo Hospitals, Dr Reddy, Titan, and ONGC found themselves among the top losers.
Varun Aggarwal, founder and managing director, Profit Idea, said, "The Gift Nifty is kind of just hanging out at 21,960, up by 6 points or 0.03 per cent. This suggests a slow start for major Indian stock markets. Asian stocks are also a bit all over the place in early trading. But, on the bright side, it seems like the Sensex and Nifty are gearing up for a good finish to the year today, having reached yet another record high on Thursday".
The Nifty exhibited strength by surpassing the 21,800 mark for the first time, indicating an upward trajectory. Market analysts anticipated further gains, with expectations reaching around 22,200. The immediate support was identified at 21,550, indicating a positive path for the Nifty.
Aggarwal said, "When it comes to government bonds, it's expected to be a quiet day with not much movement. The 10-year bond yield is likely to stay between 7.18 per cent and 7.22 per cent until the government's debt auction on Friday".
As for oil prices, they concluded the year with a 10 per cent decline, marking the first drop in two years. Global concerns, production cuts, and efforts to control inflation contributed to the volatility.
Despite geopolitical tensions in the Middle East, oil prices stabilized somewhat following a 3% fall the previous day.
This stabilization was attributed to an increasing number of shipping companies resuming the use of the Red Sea route after temporary avoidance due to security concerns.
The market exhibited positive signs, with the Nifty following an optimistic trajectory. Government bonds were expected to remain steady, and oil prices grappled with diverse challenges as the year drew to a close.
Investors remained watchful of global factors influencing market dynamics as they navigated the final trading sessions of the year.
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