Nifty, Sensex open flat on Tuesday, pressure continues amid strengthening dollar
The Nifty 50 index opened at 23,769.10 points with a marginal gain of 15.65 points or 0.07 per cent, while the BSE Sensex opened at 78,707.37 points, gaining 167.20 points or 0.21 per cent.
ANI
Dec 24, 2024 09:43 IST
Mumbai (Maharashtra) [India], December 24 (ANI): Indian stock markets opened marginally higher on Tuesday before the Christmas holiday. The chances of a year-end rally are diminishing due to consistent pressure in the markets.
The Nifty 50 index opened at 23,769.10 points with a marginal gain of 15.65 points or 0.07 per cent, while the BSE Sensex opened at 78,707.37 points, gaining 167.20 points or 0.21 per cent.
The Indian stock markets are under pressure primarily due to two main reasons: the strong dollar and high bond yields in the US, which are prompting FIIs to sell during rallies. A near-term rally does not seem likely. As the year draws to a close, investors are advised to prioritize safety over returns in the current context.
Ajay Bagga, Banking and Market Expert told ANI, "Today markets are pointing to a small positive open in India. Festive Greetings and Happy Investing. Don't fall for Miscalculated Certainty and Leave space for Chance in your success. As Outlook 2025 come in and investors scour these for forecasts of the future, there are very few who mention how Outlook 2024 was largely off the mark".
Among the sectoral indices, most sectors faced pressure, while only Nifty Auto, Nifty FMCG, Nifty IT, Nifty Media, and Nifty PSU Bank registered gains.
In the Nifty 50 list, 31 shares opened higher, while 19 declined at the time of filing this report. The top gainers in the opening session included Britannia, TCS, Tata Motors, Nestle India, and Hero Motors, while the losers included JSW Steel, IndusInd Bank, and Shriram Finance.
"The relief rally witnessed yesterday is unlikely to have a free run-up in the coming days. Two sets of factors- external and internal- will restrain a sustained rally. Externally, the strong dollar and high bond yields in the US will prompt the FIIs to sell on rallies. Internally, the growth and earnings slowdown will be near-term negatives that will restrain the bulls. Investors should prioritise safety over returns in the current context" said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
In other Asian markets on Tuesday, a mixed trend was observed. Japan's Nikkei 225 index and South Korea's KOSPI were down, while other markets, including Taiwan's Weighted, Hong Kong's Hang Seng, and Indonesia's Jakarta Composite, were up with marginal gains at the time of filing this report. (ANI)
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