Mumbai (Maharashtra) [India], December 24 (ANI): Indian equity markets ended marginally lower on Wednesday in a volatile trading session amid mixed global cues. At the close, the Sensex slipped 116.14 points, or 0.14 percent, to settle at 85,408.70, while the Nifty declined 35.05 points, or 0.13 percent, to close at 26,142.10.
Barring the media and metal sectors, all other sectoral indices finished in the red. Information Technology, Oil and Gas, Pharma, and PSU Bank indices each fell by around 0.4 percent.
The Nifty IT index dropped 1 percent, making technology stocks the top laggards of the session. The decline came amid developments following amendments by the US Department of Homeland Security to the H-1B work visa selection process.
The market opened flat to marginally lower in early trade ahead of the Christmas holiday. Continued selling by Foreign Portfolio Investors capped bullish sentiment despite supportive domestic fundamentals.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, said benchmark indices faced selling pressure at higher levels. “The Nifty ended 35 points lower, while the Sensex was down by 116 points. Among sectors, buying was seen in selective financial stocks, while the Capital Market Index shed nearly 1 percent,” he said.
Chouhan added that the intraday market structure remained non-directional. “Hence, level-based trading would be the ideal strategy for day traders,” he said.
Vinod Nair, Head of Research at Geojit Investments Limited, said Indian equities moved largely sideways during a holiday-shortened week, with trading volumes remaining subdued as the year draws to a close, a trend mirrored across broader Asian markets.
“The RBI’s recently announced liquidity initiatives, including open market operations and a USD/INR buy-sell swap, are expected to improve systemic liquidity and help stabilise currency volatility,” Nair said.
On the global front, he noted that stronger-than-expected US GDP data pointed to economic resilience, although rising unemployment tempered optimism. “Gold extended its rally on a softer dollar and elevated geopolitical risks, supported by increasing expectations of continued Federal Reserve policy easing. Meanwhile, Brent crude hovered near multi-year lows, reinforcing a benign inflation outlook,” he said.
Looking ahead, Nair said market activity is likely to remain muted, though investors will closely track developments on the trade front. (ANI)
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