Indian equity markets opened on a subdued note on Monday, tracking weak global cues. The BSE Sensex slipped 54 points or 0.07 per cent to 78,644.94, while the Nifty50 declined 28.4 points or 0.12 per cent to 23,785 at the opening bell.

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Mahindra & Mahindra (M&M) and Power Grid were among the top laggards, dragging the indices. Sectoral indices traded mixed, with Nifty Pharma gaining momentum, while Nifty Metal and Nifty Realty remained under pressure.

Global markets also showed lacklustre performance, with Asian shares mostly edging lower. Japan's Nikkei dipped 0.75 per cent, and Australia's ASX200 was down 0.43 per cent, reflecting concerns over high Treasury yields and light trading volumes ahead of the New Year holiday.

Meanwhile, Deloitte forecasts India’s GDP growth at 6.5-6.8 per cent for FY25, driven by robust domestic consumption. However, economists stress that the upcoming Union Budget should address demand slowdown and prioritize reforms in manufacturing and employment.

IPO activity remains a bright spot, with four mainline IPOs and two SME IPOs hitting Dalal Street this week. Investors are keenly watching Indo Farm Equipment and other listings.

Stay tuned for live updates on the market's performance throughout the day.