Indian stock markets remained closed on Wednesday due to the Christmas holiday. This was in line with many other major Asian markets, which also observed a holiday.
However, a few markets in the region were open and displayed mixed trends. Japan’s Nikkei 225 saw a marginal decline during the trading session at the time of reporting.
Meanwhile, Taiwan’s Weighted Index recorded a gain of 0.62 per cent, indicating positive sentiment in that market. China’s Shanghai Composite Index, on the other hand, traded almost flat, showing little movement in either direction.
Globally, thin trading volumes were observed as several markets remained closed for the festive season, and investor activity was subdued.
Indian markets are experiencing selling pressure as the year 2024 is set to end. Markets are under pressure primarily due to two main reasons: the strong dollar and high bond yields in the US, which are prompting FIIs to sell during rallies. A near-term rally does not seem likely.
The domestic stock markets ended in red territory after a volatile session on Tuesday, failing to hold the opening gains.
At the close of the session, Nifty 50 ended at 23,727.65, declining 25.80 points, or 0.11 per cent, while Sensex closed at 78,472.87, down 67.30 points, or 0.09 per cent.
The major players who gained in session at the National Stock Exchange (NSE) were Tata Motors, Adani Enterprises, Eicher Motors, BPCL, and ITC. The major losers were Power Grid Corp, JSW Steel, SBI Life Insurance, IndusInd Bank, and Grasim Industries in the trading session.
As per the NSE data, on Tuesday the domestic investors bought equities worth ₹2,819 cr while the foreign investors FIIs continued their selling trend and sold equities worth ₹2,454 cr by the closing bell.
As the year draws to a close, investors are advised to prioritise safety over returns in the current context.