Indian equity markets traded lower in afternoon trading on the last session of 2024, recovering partially from morning lows as banking and energy stocks provided some support amid weakness in technology shares. The benchmark BSE Sensex traded at 78,062.61, down 185.52 points or 0.24 per cent from its previous close, while the broader NSE Nifty declined 25.70 points or 0.11 per cent to 23,619.20 as of 12.32 PM.
The market breadth remained negative with 2,043 stocks declining versus 1,771 advances on the BSE. About 178 stocks hit the upper circuit while 300 stocks were locked in the lower circuit. The session saw 114 stocks touching 52-week highs against 94 stocks hitting yearly lows.
Technology stocks led the decline with Tata Consultancy Services falling 1.99 per cent, Tech Mahindra dropping 2.73 per cent, Infosys declining 1.47 per cent, and Wipro shedding 1.23 per cent. Adani Enterprises emerged as the top Nifty loser, down 2.76 per cent.
However, banking and energy stocks showed strength with Kotak Mahindra Bank leading the gains, up 2.39 per cent. Oil and Natural Gas Corporation advanced 2.36 per cent, while defense major Bharat Electronics Ltd gained 2.32 per cent. Pharma stocks also traded firm with Sun Pharmaceutical Industries and Dr. Reddy’s Laboratories rising 1.07 per cent and 1.06 per cent respectively.
“Nifty is currently hovering around the major support level of 23,500, showing early signs of a reversal from lower levels,” said Riyank Arora, Technical Analyst at Mehta Equities Ltd. He added that “if this support holds, we anticipate an upside move towards 23,650 and 23,700 in the near term.”
The broader market indices underperformed with Nifty Next 50 declining 0.61 per cent and Nifty Midcap Select falling 0.90 per cent. The banking sector showed relative stability with Nifty Bank down 0.23 per cent at 50,835.50, while Nifty Financial Services declined marginally by 0.13 per cent.
The market had opened lower earlier in the day, with the Sensex dropping over 532 points and Nifty falling nearly 130 points, pressured by IT stocks and mixed global cues amid elevated US Treasury yields. Analysts attributed the cautious sentiment to stretched valuations and continued selling by foreign institutional investors.
