Stock market: Indian equity indices closed marginally lower in a volatile trading session on December 24. At the end of the trading session, Sensex closed at 78,472.87, down 67.30 points or 0.09 per cent, and Nifty closed at 23,727.65, down 25.80 points or 0.11 per cent. About 1907 shares advanced, 1926 shares declined and 94 shares remained unchanged. Power Grid Corp, JSW Steel, SBI Life Insurance, Titan Company and SBI were the top losers on Nifty. While Tata Motors, Adani Enterprises, Eicher Motors, BPCL and ITC were the top gainers.
Among sectors, buying was seen in Auto, FMCG, Oil & Gas, while selling was seen in IT, Media, Metal, PSU Bank. The BSE Midcap index closed flat, while the Smallcap index closed up 0.3 per cent.
Aditya Gaggar, Director, Progressive Shares It says that after a slow start, Nifty rose in the leadership of Auto and IT counters. But once again, the level of 23,850 appeared to act as a strong resistance. Finally Nifty closed at 23,727.65 with a loss of 25.80 points. The fastest growth was seen in the auto and FMCG sectors. Whereas the maximum correction took place in metal and PSU banks.
This disparity was seen in broader markets where midcaps kept pace with the frontline indices. However, smallcaps fared slightly better and ended the day in the green. Nifty is moving in the range of 23,650-23,850. This range needs to be broken on either side for the market direction to become clear.
Retail investors will dominate the market, there is huge potential for growth in sectors related to drones, space and health – Vallabh Bhanshali
Shrikant Chauhan of Kotak Securities It is said that today Sensex-Nifty were seen moving in a limited range. Nifty closed down 26 points and Sensex closed down 67 points. Buying was seen at lower levels in select auto stocks. Whereas metal and PSU bank indices witnessed intraday profit booking at upper levels.
Technically, after the beginning, the market kept moving in a limited range throughout the day. It also formed a small inside body candle on the daily chart. Srikanth believes that its direction is not clear given the current market structure. Its direction will be clear only if the market moves above or below this range.
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