Final Trade: Sensex drops 451 points, Nifty ends below 23,650

Indian benchmark indices Sensex and Nifty50 started on a weak note on December 30, pressured by tepid global cues and subdued market activity in the penultimate trading session of 2024. The BSE Sensex at the close ended lower by 0.57 per cent or 450.94 points at 78,248.13, while the 50-share Nifty index ended weak by 0.71 per cent or 168.5 points at 23,644.9.

Weak global cues and sectoral performance

Market sentiment took a hit from global uncertainty, with weakness in IT and auto sectors weighing on indices. The Nifty IT and Auto indices dropped over 0.5 per cent in early trading, reflecting sector-specific pressures. However, the Nifty Pharma index emerged as the top gainer, buoyed by selective buying in heavyweight stocks.

India VIX spikes

The India VIX, the market's fear gauge, surged seven per cent, signalling increased caution among investors. The rise indicates higher perceived volatility as market participants remain wary amid the subdued festive season activity.

FMCG stocks lend support

Despite the overall bearish sentiment, the FMCG sector provided some relief, with key stocks posting marginal gains. This limited the downside for the broader market and cushioned the fall in benchmark indices.

As the year-end approaches, market activity is expected to remain thin, with traders eyeing global trends and developments for further direction.