Sensex and Nifty Snap Five-Day Losing Streak with Strong Gains: The domestic stock markets made a strong rebound, snapping a five-day losing streak. The key equity indices, Sensex and Nifty witnessed a significant gain driven by positive sentiments in regional markets after the release of ease in US inflation data on Friday. The Nifty price index closed above 23750, while sectoral indices like Realty and Banking outperformed, and closed above 1% on Monday.
Market Highlights: Sensex and Nifty Surge on Positive Regional Sentiments
The BSE Sensex gained 498.58 points or 0.64% to 78540.17. The NSE Nifty price index rallied 165.95 points or 0.70% to 23753.45. The top gainers were JSW Steel, ITC, and Hindalco, while the top losers were Heromotor Corp, Maruti Suzuki, and Nestle.
The broader markets underperformed the benchmarks, the Nifty midcap gained 0.33% and the Nifty smallcap ended lower by 0.14%. The market breadth was negative, on the NSE 967 shares were in advance while 1429 shares declined in the end.
December Nifty Trends
December 2024 has seen the Nifty decline by -2.15%, marking its second-lowest return in a decade, driven by a -3.71% drop last week alone. This downturn is attributed to foreign investors’ sell-offs, influenced by rising U.S. yields and concerns over global economic conditions, leading to modest foreign portfolio investor outflows of $114 million.
With just days left in December, market sentiment appears to maintain a cautious approach, while reflecting on next year’s outlook it is expected to be optimistic going for long term.
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