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IT Stocks Slide, Rail Vikas Nigam Surges, and Soda Ash Players Rally on Policy Boost
IT Stocks Slide, Rail Vikas Nigam Surges, and Soda Ash Players Rally on Policy Boost
Written by - Fisdom Research
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December 31, 2024
2 minutes
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Market Snapshot
Benchmark indices Nifty and Sensex displayed a mixed trend on December 31, the final trading day of 2024.
Nifty managed to end in the green, while Sensex closed in the red, dragged down by IT heavyweights.
Gains in pharma, PSU banks, and oil and gas stocks offered some support to the market.
Investor sentiment remained cautious due to a rising dollar index and persistent FII selling as the year-end approached.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY OIL & GAS
1.1
NIFTY CONSUMER DURABLES
0.4
NIFTY PHARMA
0.7
NIFTY HEALTHCARE INDEX
0.4
NIFTY PSU BANK
0.7
NIFTY FMCG
0.3
NIFTY METAL
0.5
NIFTY AUTO
0.3
Top News
IT stocks, including TCS, Infosys, and Tech Mahindra, fell 2-3% on December 31 due to elevated US treasury yields, weak growth expectations for Q3, and negative cues from Nasdaq.
Rail Vikas Nigam Ltd surged nearly 8% after emerging as the lowest bidder for two Central Railway projects, including one worth ₹137 crore.
Tata Chemicals and Gujarat Heavy Chemicals gained as the government imposed a minimum import price of ₹20,108/MT on soda ash, restricting free imports.
IPO mop up could top Rs. 2 trillion in 2025
Indo Farm Equipment IPO to open in on Dec 31st
Technical Outlook: Key Indices
Indices Name
Support
Resistance
Nifty
23,400
24,000
Bank Nifty
50,500
52,000
Top Gainers and Losers
Top Gainers
% Change
Top Losers
% Change
BEL
2.8
ADANIENT
-2.4
ONGC
2.7
TECHM
-2.1
KOTAKBANK
2.5
TCS
-1.3
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