Sensex, Nifty drop as IT stocks weigh on markets in last session of 2024; Adani Enterprises down over 1%
Benchmark stock market indices tanked in early trade on Tuesday, dragged by a plunge in IT stocks in the last trading session of 2024.
The S&P BSE Sensex lost 392.61 points to 77,855.52, while the NSE Nifty50 was down by 107.80 points to 23,537.10 as of 9:28 AM.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said that December has been weak for equity markets globally. S&P 500 is down by 2.34% and Nifty is down by 2.6%.
“Markets are preparing to move into the New Year with caution since uncertainty is high and valuations are stretched. The high U.S. bond yield and strong dollar will ensure that FIIs will continue to sell on every rise. DII buying will not be strong enough to take the market much higher. The fact is that even the DIIs and HNIs don’t have the conviction to accumulate stocks, except in certain pockets of fair value. Conviction to accumulate stocks will emerge only when macro indicators suggest recovery in growth and earnings. Watch out for the Q3 results starting from January 10th to identify companies reporting good numbers despite the growth slowdown,” he added.
