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Indian stock indices managed to keep the morning session gains intact till the session ended on Friday. Sensex closed at 78,699.07 points, up 226.59 points or 0.29 per cent, while Nifty closed at 23,813.40 points, up 63.20 points or 0.27 per cent.
The Sensex still remains nearly 7,500 points below its all-time high of 85,978 points. "The markets remained volatile but managed to close with modest gains, continuing the ongoing consolidation phase," said Ajit Mishra - SVP, Research, Religare Broking. Experts noted that markets have been unable to sustain the opening rally in the past sessions due to selling pressure by foreign investors, which is expected to continue until markets witness strong earnings indicators. So far in 2024, Sensex and Nifty accumulated 9-10 per cent each, with a couple of sessions to go. In 2023, Sensex and Nifty gained 16-17 per cent, on a cumulative basis. In 2022, they gained a mere 3 per cent each. Weak GDP growth, foreign fund outflows, rising food prices, and slow consumption were some of the hurdles this year, keeping many investors at bay. Foreign portfolio investors (FPIs) have turned net sellers in Indian stock markets for the second straight month in November. In December though they have been net buyers. Data made available by National Securities Depository Limited showed that they bought Rs 16,675 crore worth of stocks in December 2024. "The Christmas week trading ended on a subdued note; a lack of major triggers and caution ahead of the swearing of US Republican Party administration continued to impact the sentiment," said Vinod Nair, Head of Research, Geojit Financial Services. Meanwhile, the Indian rupee dropped to a new low, weighed down by the expectation of fewer Fed rate cuts, coupled with a widening trade deficit, and weak economic growth. (ANI)
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