Benchmarks see wild swings on first day of 2024, end flat; banks, auto slip

Closing Bell on January 1, 2024: The BSE Sensex and Nifty50 indices hit record highs of 72,562, and 21,834, respectively, intraday

Stock market highlights: Benchmark indices witnessed wild swings in trades on Monday, the first session of CY2024, during the fag-end of the session.

The indices languished in the red for the better part of the day, only to rise for an hour or so, before sinking again in the red.

The indices, however, made a sharp recovery again to end in the green. They all hit record highs during the intraday trade. 

By close, the S&P BSE Sensex settled 32 points, or 0.04 per cent, higher at 72,272, while the Nifty50 ended at 21,742, up 11 points or 0.05 per cent. 

The indices hit record highs of 72,562, and 21,834, respectively.

In the broader markets, the BSE MidCap index ended 0.54 per cent higher after hitting all-time high of 37,159 earlier today.

The BSE SmallCap, on the other hand, closed 0.73 per cent up after claiming new lifetime peak of 43,095.

Among sectoral indices, the Nifty Auto, and Bank indices slipped 0.1 per cent each, while the Nifty Media index added 1.8 per cent.

3:48 PM

Comment :: 'Profit booking was visible on lingering concerns over Red Sea disruptions'

Market exhibited strength led by optimism on rate cuts, easing global inflation, and softer bond yields. But profit booking was visible at higher levels as lingering concerns over Red Sea disruptions pose short-term risks to global supply chains and freight costs.

The spotlight of this week is also on FOMC minutes which will provide an insight for 2024 rate cut.

Momentum in mid & small caps remains strong, buoyed by a positive macro-outlook however private banks experienced a reversal trend.

Views by: Vinod Nair, Head of Research at Geojit Financial Services.

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