Nifty, Sensex Decline as Indian Stock Markets Face Selling Pressure

The Indian stock markets opened with selling pressure at the end of 2024, leading to a non-bullish end to the year.

The broader NSE Nifty opened 84.30 points or 0.36 per cent lower at 23,560.60, while the Sensex continued its losing momentum by 265.56 points or 0.34 per cent to 77,982.57.

Experts said the last month of 2024 was weak for almost all emerging markets globally, while Indian markets continued to witness a downward trend for three months.

Any rally in the markets now depends on the third quarter results and Trump's policies after taking office in January.

December has been weak for equity markets globally. The S&P 500 is down 2.34 per cent and the Nifty is down 2.6 per cent.

With uncertainty high and valuations elevated, markets are cautiously preparing to enter the new year.

V K Vijayakumar, chief investment strategist at Geojit Financial Services, said that despite the slowdown in growth, keep an eye on the third quarter results starting January 10 to identify the companies that have registered good numbers.

Among the sectoral indices on the NSE, Nifty Auto, Nifty Media, Nifty Metal, Nifty PSU Bank and oil & gas sectors rose, while others such as Nifty Bank and Nifty IT were under pressure at the time of filing this report.

In the Nifty50 list, 20 stocks opened with gains, while 30 stocks fell under selling pressure.

ONGC, BEL, SBIN and Coal India were among the biggest gainers, while Tech Mahindra, Infosys, HCL Tech and TCS were among the biggest losers.