Stock Market Today: Nifty, Sensex Erase Gains In Last-Hour Trade To End Lower
The Nifty 50 and Sensex ended 0.65% and 0.57% down, respectively.
KEY HIGHLIGHTS
US Futures Decline
As of 3:33 p.m., the Dow Jones Industrial Average and S&P 500 futures declined 0.22% and 0.24% down, respectively. The Nasdaq 100 futures was 0.22% down.
Economic Data Releases And Events For Dec 30
US: House Price Index — 7:30 p.m.
Stock Market Highlights: Nifty Snaps Two-Day Gaining Streak As Private Bank Stocks Drag
The NSE Nifty 50 and BSE Sensex eroded early gains in the last leg of the trade to end sharply down as HDFC Bank Ltd., and ICICI Bank Ltd. share prices led losses. Broad-based weakness across Asia and Europe pressured the benchmark indices.
The Nifty 50 ended 153.40 points or 0.64% down at 23,660.00, and the Sensex ended 450.94 points or 0.57% down at 78,248.13.
In the last leg of the trade, the Nifty 50 declined 0.90% to the day's low of 23,599.30, and the Sensex fell 0.79% to the day's low of 78,077.13.
Earlier in the day, the Nifty 50 rose 0.43% to 23,915.35, and the Sensex rose 0.50% to the day's high of 79,092.70.
The markets experienced significant volatility in today's session. After a weak opening, a rally in banking stocks pushed the Index higher, but the 23,900 level acted as a strong resistance, causing the market to lose all its earlier gains. A correction in mid and small-cap stocks further dragged the Index lower to settle the trade at 23,644.90 with a loss of 168.50 points. Pharma was the standout performer, followed by IT, while the Media and Realty sectors lagged. There was a noticeable disparity in the broader markets where Midcaps closed in the green and outperformed, while Smallcap largely followed the movements of the Frontline Index. The Index closed just below the lower boundary of its consolidation range (23,650–23,850), forming a bearish candlestick pattern. The price action in tomorrow's trade will be crucial in determining the next direction for the market," said Aditya Gaggar, director, Progressive Shares.
HDFC Bank Ltd., ICICI Bank Ltd., Reliance Industries Ltd., State Bank of India, and Mahindra & Mahindra Ltd. weighed on the Nifty 50 index.
Adani Enterprises Ltd., HCLTech Ltd., Sun Pharmaceutical Industries Ltd., Tech Mahindra Ltd., and Cipla Ltd. added to the Nifty 50 index.
On NSE, nine sectors declined, and two advanced out of 12. The NSE Nifty Media declined the most, and the NSE Nifty Pharma rose the most.
The broader markets outperformed in comparison to benchmark Sensex. BSE MidCap 0.13% lower, whereas the SmallCap ended with gains of -0.47%.
Market breadth was skewed in favour of sellers. Around 2,619 stocks declined, and 1,498 stocks advanced, and 150 stocks remained unchanged on BSE.
Rupee Ends Flat Against US Dollar
Rupee closed flat at 84.84 against the US dollar. It closed at 85.54 on Friday, according to data on Bloomberg.
Market At Close
The NSE Nifty 50 snapped a two-day gaining streak. It ended 0.71% down.
The BSE Sensex reversed gains to end 0.57% down.
Adani Enterprises Ltd. and HCLTech Ltd. were top contributors to the Nifty 50 index.
HDFC Bank Ltd. and ICICI Bank Ltd. were top draggers in the Nifty 50 index.
The NSE Nifty Media declined the most and the NSE Nifty Pharma rose the most.
The NSE Nifty Midcap 150 ended 0.18% higher.
The NSE Nifty Smallcap 250 ended 0.43% down.
