Mumbai (Maharashtra) [India], December 30 : The stock market began the week on a sombre note, closing in the negative territory on Monday amid selling pressure in heavyweight stocks.
The benchmark Sensex declined by 450.94 points, or 0.57 per cent, to settle at 78,248.13, while the Nifty plunged 168.50 points, or 0.71 per cent, to close at 23,644.90.
Among Nifty companies, only 11 stocks advanced while 38 ended in the red. Adani Enterprises, Tech Mahindra, HCL Technologies, IndusInd Bank, and Shriram Finance emerged as the top gainers.
On the flip side, Hindalco, Tata Motors, Trent, Bharat Electronics Limited (BEL), and Wipro were the biggest losers of the day.
Ajit Mishra, Senior Vice President (Research) at Religare Broking Ltd., highlighted the market's volatility. "The market began the week on a volatile note, ending with a loss of over half a per cent. After a flat opening, the Nifty gained ground in the first half but faced selling pressure in heavyweight stocks across sectors, reversing its trajectory. As a result, the Nifty closed near the day's low at 23,644.90."
"On the sectoral front, most major sectors closed in the red, with realty, auto, and metal sectors leading the decline, while pharma was the sole exception. The broader indices showed a mixed trend, with the midcap index closing flat and the smallcap index losing nearly half a per cent."
On the sectoral front, most indices closed in the red, with realty, auto, and metal sectors leading the decline. Pharma was the sole sector to buck the trend, ending in positive territory.
Vinod Nair, Head of Research, Geojit Financial Services, said that pPrevailing subdued sentiment on account of FIIs selling and a strengthening dollar continued to drag the market. IT and pharma gained as investors continued to bet on defensive stocks to prevent short-term volatility.
"Concerns over high valuation are impacting the broad market. The upcoming policy announcements in the US and domestic Q3 earnings will be keenly watched by investors," he said.
The bearish sentiment underscores cautious trading as investors closely watch global cues and domestic developments. All eyes will now be on upcoming macroeconomic data and corporate earnings, which are expected to steer market trends in the near term.
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