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Updated January 1st, 2024 at 15:57 IST

Sensex, Nifty dip marginally; benchmarks welcome 2024 on a flat note

At 9:30 am IST on Monday, January 1, 2024, BSE Sensex was trading 167.51 points lower at 72,072.75 and Nifty 50 was trading 44.05 points lower at 21,687.35.

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Stock market news | Image:Republic World
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As the new year kicks off, India's benchmark indices, BSE Sensex and Nifty 50, have opened on a flat and bearish note. On January 1, 2024, Sensex opened at 72,218.39, and Nifty opened at 21,727.75.

Even as the Nifty 50 displayed a robust performance in 2023, with a remarkable 20 per cent increase, the index is starting the year on a relatively subdued note.

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Before opening, GIFT Nifty was trading in the range of 21,776.50, suggesting a marginal difference from its Friday close at 21,731.40. The NSE Nifty and BSE Sensex marked their second-best year since 2017, emerging as top performers among global stock indexes in 2023.

The stellar performance in the previous year was fueled by various factors, including consistent domestic inflows, the return of foreign investments, robust domestic economic growth, steady corporate earnings, and a favorable global interest rate outlook.

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Foreign portfolio investors (FPIs) played a pivotal role in the Indian market's success, injecting a record-high Rs 1.71 lakh crore ($20.56 billion) into Indian shares throughout 2023.

Nagaraj Shetti, senior technical research analyst at HDFC Securities, expressed the possibility of short-term consolidation or range movement in the coming sessions before the market resumes its upward momentum. Analysts are keenly observing quarterly earnings as a key factor that could influence Indian equities in the immediate future.

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In the global context, Wall Street closed lower on Friday, while Asian stocks opened flat, indicating a cautious start to the year.

Investors are keeping a close eye on notable stocks that might sway market dynamics:

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  1. Dr Reddy's Laboratories: The pharmaceutical giant has acquired preferred A-1 shares of Israel-based Edity Therapeutics, securing a 6.46 per cent stake.
  2. SRF: The company has successfully commissioned its fluorocarbon refrigerant gas capacity expansion project for 3.17 billion rupees.
  3. Karur Vysya Bank: The Reserve Bank of India has approved for ICICI Prudential Asset Management to acquire up to a 9.95 per cent stake in the bank.
  4. Auto Stocks: Investors are eagerly awaiting the release of monthly sales data for December, providing insights into the performance of the automotive sector.

As the market gears up for the first trading sessions of the year, the focus remains on key indicators, quarterly earnings, and global market trends that will shape the trajectory of Indian indices in the days to come.

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At 9:30 am IST on Monday, January 1, 2024, BSE Sensex was trading 167.51 points lower at 72,072.75 and Nifty 50 was trading 44.05 points lower at 21,687.35.

(With Reuters inputs.)

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Published January 1st, 2024 at 09:34 IST

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