Indian equity markets opened on a weak note for the second consecutive session on December 31, reflecting a decline in Asian peers. The Sensex fell over 150 points in the opening bell but pared losses to trade at 78,210. Similarly, the Nify50 remained under pressure, moving below the 23,650 mark as higher US Treasury yields continued to weigh on emerging markets.
IT sector under pressure
Information technology stocks led the market’s losses, with the sector index sliding 1.9 percent during the day. Heavyweights like Infosys, TCS, and HCL Tech fell between 1.5 percent and 2.5 percent, dragging the indices down. Infosys and ICICI Bank were among the top contributors to the decline in the Nifty50.
Broad markets and industry performance
Broader markets saw mixed trends, with the smallcap and midcap indexes down 0.25 percent and 0.5 percent, respectively. Most industry indexes are trading in the red and are led by IT and pharma. Financials saw limited gains, with SBI trading up 0.6 percent.
In contrast, stocks like Asian Paints, Tata Motors, Nestle India, and Adani Ports bucked the trend, providing some support to the benchmarks.
Earth signs are heavy on emotion
Asian markets remained subdued on the last trading day of the year, influenced by persistent selling in the technology sector on Wall Street. Higher US Treasury yields and concerns about slowing global growth also dampened investor sentiment.
Outlook for the entire session
Market experts suggest cautious trading in the second quarter, as volatility is expected to continue due to year-end adjustments and weak global signals. Nifty is facing resistance at 23,700, while support is seen at 23,400. Investors will carefully monitor movements in IT stocks and macroeconomic indicators updates.
As of 1:50 PM, the market remained range-bound, with participants waiting for new risks to define the direction of the day.
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