India’s benchmark indices Sensex and Nifty50 started on a weak note on December 30, weighed down by hot global signals and subdued market activity in the early 2024 trading session. The BSE Sensex fell over 400 points to trade below 78,700 levels, while the Nifty50 managed to climb back above the 23,650 mark after an early slide.
Weak global indicators and industry performance
Market sentiment was affected by global uncertainty, with weakness in the IT and auto sectors weighing on the indices. The Nifty IT and Auto indices were down 0.5 per cent in early trade, reflecting sector-specific pressures. However, the Nifty Pharma index emerged as the top gainer, boosted by exceptional buying in heavyweight stocks.
India VIX spikes
India VIX, a gauge of market fear, rose seven percent, indicating increased caution among investors. The rise reflects the high volatility seen as market participants remain cautious amid low holiday season activity.
FMCG stocks lend funding
Despite the overall sentiment, the FMCG sector provided some relief, with key stocks posting modest gains. This limited the decline in the broader market and reduced the decline in the benchmark indices.
As the end of the year approaches, market activity is expected to remain thin, with traders looking to global trends and developments for an alternative.
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