Sensex, Nifty decline on final session, close 2024 with over 8 pc gains

Benchmark indices Sensex and Nifty ended lower on the final session of 2024 on Tuesday amid persistent foreign fund outflows and weak trends in the global markets.

Falling for the second straight day, the 30-share BSE benchmark Sensex declined 109.12 points or 0.14 per cent to settle at 78,139.01. Intra-day, it tanked 687.34 points or 0.87 per cent to 77,560.79. The NSE Nifty dipped marginally by 0.10 points to settle at 23,644.80.

In the entire 2024, Sensex jumped 5,898.75 points or 8.16 per cent, and the Nifty surged 1,913.4 points or 8.80 per cent.

The BSE benchmark Sensex hit its record peak of 85,978.25 on September 27 this year, and the NSE Nifty also reached the lifetime high of 26,277.35 on the same day.

Stock market investors became richer by a whopping Rs 77.66 lakh crore in the year 2024. The market capitalisation (mcap) of BSE-listed firms surged by Rs 77,66,260.19 crore to Rs 4,41,95,106.44 crore (USD 5.16 trillion) in 2024.

"The final day of the year concluded with minor losses, despite a recovery from the day's lows. However, the pressure of consolidation is dragging the domestic momentum amid negative global cues and ongoing concerns over a strengthening dollar index and US bond yields.

"FII outflows and rising crude prices are pressuring the rupee and dampening sentiment. Nonetheless, the market's focus is expected to shift back to domestic Q3 results for insights into potential growth and earnings recovery and to the Union Budget, offering a short- to medium-term perspective amid global uncertainties," Vinod Nair, Head of Research, Geojit Financial Services, said.

From the 30 blue-chip pack, Tech Mahindra, Zomato, Tata Consultancy Services, Infosys, ICICI Bank, Bajaj Finance, Hindustan Unilever and HCL Technologies were the major laggards on Tuesday.

Kotak Mahindra Bank, ITC, UltraTech Cement and Tata Motors were among the gainers.

The BSE smallcap gauge climbed 0.71 per cent and the midcap index went up by 0.13 per cent.

Among sectoral indices, BSE Focused IT declined 1.47 per cent, IT (1.29 per cent), teck (1.02 per cent), realty (0.36 per cent) and financial services (0.29 per cent).

Capital Goods jumped 1.31 per cent, industrials (1.14 per cent), energy (1 per cent), metal (0.85 per cent) and power (0.47 per cent).

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,893.16 crore on Monday, according to exchange data.

In Asian markets, and Shanghai settled lower while Hong Kong ended in the positive territory. Markets were closed in Tokyo and Seoul for New Year holidays.

European markets were trading mostly higher. US markets ended lower on Monday.

Global oil benchmark Brent crude climbed 0.46 per cent to USD 74.34 a barrel.

The 30-share BSE benchmark tumbled 450.94 points or 0.57 per cent to settle at 78,248.13 on Monday. The Nifty declined 168.50 points or 0.71 per cent to 23,644.90.

"The year 2024 has been a challenging yet rewarding one for the markets. The Nifty steadily climbed from January to September, reaching a historic high of 26,277.35, before giving up some gains to still close the year with an impressive rise. This marked Nifty's ninth consecutive year of positive returns, despite FIIs selling shares," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.