Final Trade: Sensex rises 326 points, Nifty climbs 107 points; IT stocks lead gains

The domestic stock market ended the day with marginal losses on December 24, amid a volatile trading session. While sectors like auto, oil & gas, and FMCG saw buying interest, metal and PSU banks experienced selling pressure.

Market performance overview

The benchmark Sensex closed at 78,472.87, down 67.30 points or 0.09%. Similarly, the Nifty 50 index ended at 23,727.65, losing 25.80 points or 0.11%. The broader market showed mixed performances. The BSE midcap index ended flat, while the smallcap index gained 0.3%.

Sectoral performance

The auto sector emerged as a top performer, with Tata Motors leading the rally, up 1.92%, while the FMCG sector also saw notable gains. On the other hand, the metal and PSU bank sectors struggled, with significant profit booking weighing on performance.

Vinod Nair, Head of Research at Geojit Financial Services, noted the subdued nature of the market, attributing it to the ongoing volatility and cautious investor sentiment. He said, "The domestic market concluded flat ahead of the holiday, with metal and power stocks dragging performance while FMCG and auto sectors gained from recent corrections. The near-term market trajectory hinges on the outcome of Q3 results and the Union budget, but caution prevails due to a strong dollar, high bond yields, and concerns over rate cuts. The INR hitting an all-time low, further evoked the caution."

Notable stock movements

Power Grid Corp, JSW Steel, and Titan Company were among the major losers on the Nifty, while gainers included Tata Motors, Adani Enterprises, and BPCL. The Nifty Auto sector was the best-performing sector, up 0.57%, while the Nifty Metal sector was the worst performer, down 0.83%.

Outlook for the market

Analysts remain cautious ahead of the Christmas holiday, with no clear directional movement in the market. Shrikant Chouhan, Head of Equity Research at Kotak Securities, pointed out that the market was in a range-bound phase. He added, "The market is waiting for a breakout in either direction. On the upside, 23,850/78,800 would be the immediate breakout level for the bulls."

The market will remain closed on Wednesday, December 25, for Christmas, and traders will be watching closely for any developments after the holiday.