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Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

Indian Share Markets To Remain Range-Bound After Flat Performance This Week

OMMCOM NEWS by OMMCOM NEWS
December 28, 2024
in Business
sensex

Mumbai: The Indian benchmark indices closed almost flat this week owing to a lack of significant catalysts, as strong performances in heavyweight sectors such as banking and pharma helped offset declines in the IT sector.

Mid and small-cap stocks also ended on a flat note this week.

In the Friday’s trading session, share market ended with gains as buying was seen in pharma, auto, IT, financial service, FMCG, media, and private bank sectors on Nifty.

Sensex ended at 78,699.07, up by 226.59 points or 0.29 per cent and Nifty settled at 23,813.40, up by 63.20 points or 0.27 per cent.

The volatility index, India VIX, cooled by 5.68 per cent to 13.24, indicating drop in market volatility.

Experts said that a sustainable move above this level could drive the index towards 24,000–24,100.

“On the downside, 23,500 remains a key support. In the immediate term, Nifty is expected to consolidate between 23,500 and 23,900, with a breakout on either side defining its next move,” said Hrishikesh Yedve of Asit C Mehta Investment Interrmediates Ltd.

Persistent concerns over FII outflows and the depreciating rupee, along with potential adverse tariffs and reduced expectations for rate cuts in 2025, contributed to the muted market trend.

Experts further stated that uncertainty surrounding Trump’s economic policies and high valuations may impact the stock market in the short term, particularly in emerging markets.

Looking ahead, significant market attention is expected for the upcoming Q3 results, which will play a crucial role in shaping market trajectory.

“Investors are likely to align their portfolios based on pre-budget expectations. Additionally, key data points such as the PMI data for India, the US, and China, as well as US jobless claims, will influence investor sentiment,” said market watchers.

According to Siddhartha Khemka, Head-Research, Wealth Management, Motilal Oswal Financial Services Ltd, with no significant triggers in the near term, markets are likely to remain range-bound.

“Pre-quarterly business updates to be released in the first week of January 2025 will provide insights into the upcoming result season and would be keenly tracked by the markets,” he said.

(IANS)

Tags: Sensex
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