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Sensex, Nifty slip as auto, IT stocks drag in penultimate session of 2024; India VIX up 3%
Sensex, Nifty slip as auto, IT stocks drag in penultimate session of 2024; India VIX up 3%
About this update from Blackbuck Ltd
Benchmark indices Nifty and Sensex opened on a subdued note, slipping in the penultimate trading session of the year on December 30 after a strong close in the session before. While FMCG stocks provided some support, IT and auto counters weighed on sentiment. As the final week of the year unfolds, market activity remains muted, with investors tying up their books amid the festive lull.India VIX, the barometer to assess market anxiety flared up 3 percent to inch closer to the 14 level.At about 9:45 am, the Sensex was down 200.50 points or 0.25 percent at 78,498.57, and the Nifty was down 68.55 points or 0.29 percent at 23,744.85. About 1234 shares advanced, 1953 shares declined, and 172 shares unchanged.Follow our LIVE blog for all the latest market updates"With no significant triggers in the near term, markets will likely remain range-bound. Pre-quarterly business updates to be released in the first week of Jan’25 will provide insights into the upcoming result season and will be keenly tracked by the markets," Siddhartha Khemka, Head of Research and Wealth Management at Motilal Oswal said.Market experts also suggest that any negative earnings surprises could lead to heightened volatility. Risks to the market include inflation, particularly in agriculture, and further depreciation of the rupee against the dollar, which could drive FII selling and create additional pressure on equities.Also read: Even while on regulatory radar, BSE SME IPO index surge far outpaces all other benchmarks globallyAmong sectoral indices, the Nifty Auto index slipped lower to snap its two-day gaining streak. Major names such as M&M, Maruti Suzuki, and Tata Motors dragged the index lower. IT stocks plunged as Infosys, HCL Tech, TCS and Wipro dragged the index lower. The metal and Oil and Gas sectors also plunged 0.5 percent each. On the other hand, gainers included FMCG, Pharma and Realty. The realty index witnessed buying interest following two consecutive sessions of decline.The broader market displayed heightened volatility. While the midcap index ended 0.3 percent lower, the smallcap index slipped almost 0.5 percent. Some experts say that mid and small-cap segments are fundamentally strong, and with consistent earnings improvement, they could likely outperform large caps in 2025.Among stocks, JSW Energy sparkled in trade with gains of 6 percent. This comes after a wholly-owned...