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Benchmark indices fell on the penultimate trading day of 2024, dragged by losses in banking stocks amid weak global cues. After two straight days of gains, the Nifty 50 index fell 169 points (0.7 per cent), to end at 23,645, while the Sensex dropped 451 points (0.6 per cent), to close at 78,248. From the day’s high, Sensex fell 845 points (1.1 per cent).
Most global markets traded weak as elevated US Treasury yields and the prospect of fewer US rate cuts than earlier anticipated weighed on sentiment.
Shares of HDFC Bank and ICICI Bank fell over a per cent each and were the biggest drag on the market performance. Shares of oil-to-telecom conglomerate Reliance Industries also fell 0.8 per cent and dragged the Sensex down by nearly 60 points. Newly-added Zomato rose 4.33 per cent, making a 69-point positive contribution. The India VIX index rose 5.5 per cent to 13.97.
The Federal Reserve has projected a slower pace of rate cuts in 2025, which has boosted US Treasury yields. These two factors have lowered the appeal of emerging market assets. The 10-year US Treasury, which traded below 4.2 per cent during the start of the month, has pierced 4.6 per cent following the hawkish Fed forecast.
The high yields have intensified foreign outflows, while worries over elevated valuations and diminishing expectations of US rate cuts in 2025 are also weighing on sentiment, said Saurabh Jain, assistant vice- president of retail equities research at SMC Global Securities.
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 "The year was a mixed bag for the real estate industry as housing supply slowed down but record investments came in. Industry experts believe that demand will stabilise as sales are likely to be lower compared to 2023.")
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Meanwhile, on Monday, foreign portfolio investors (FPIs) sold shares worth Rs 1,893.16 crore.
While the month-to-date FPI investment tally is positive, the selling by overseas funds has intensified post the Fed’s latest policy meeting on December 18.
“Investor sentiment is hampered due to persistent FPI selling, which reached Rs 10,444 crore for the month-till-date. For the calendar year 2025, we expect consolidation to continue in the first half, while the second half could see a recovery on the back of enhanced government spending and improved corporate earnings,” said Siddhartha Khemka, head - Research, Wealth Management, Motilal Oswal Financial Services.
Both Sensex and the Nifty are set to end 2024 with single-digit gains. On an year-to-date basis, they are up a little over 8 per cent each.
Nifty indices rejig stokes DII churn
Domestic institutional investors (DIIs) bought shares worth nearly Rs 42,000 crore on a gross basis amid rebalancing of Nifty Indices.They also sold shares worth Rs 39,613 crore, resulting in net inflows of Rs 2,174crore. The big churn was on account of a rejig in Nifty Indices that saw the weightings of several components increase or decrease. (with inputs from Reuters)
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 "As 2024 draws to a close, Indian equity investors are navigating a volatile market. The benchmark S&P BSE Sensex has dropped nearly 9 per cent from its 52-week high in September, paring year-to-date returns to 8.6 per cent from a peak rally of 18.7 p")
