Marketbuzz Podcast with Vivek Iyer: Sensex, Nifty 50 to have a muted opening amid mixed global market cues
Episode 1165, Jan 02, 02:59 AM
While several global markets remained closed for the New Year holiday, India saw a different scenario as trading resumed on the first day of the year. The New York Stock Exchange, the US market, European markets, and various Asian markets were still in holiday mode. In contrast, Indian markets opened for the second trading session of 2024.
Despite the early start, market participants noted thin volumes, indicating a cautious approach to the new year's trading. Yesterday, a small sell flow figure was reported, but markets managed to hold on and even made fresh gains.
In 2023, the Indian market witnessed significant milestones, with the Nifty, Nifty Bank, mid-cap index, and small-cap index all reaching record highs. Investors are keenly watching to see how these markets will perform in 2024. Notably, on the first trading day of the year, the Nifty hit a fresh record intraday high. However, the second half of the trading session experienced a notable sell-off, primarily centered around auto stocks.
The auto sector was in focus as December monthly sales volumes trickled in, with tractor sales disappointing overall. This mixed picture led to varied performances across different segments. The telecom sector, with a focus on companies like Idea, continued to move higher, building on the gains made on the last trading day of 2023.
However, the auto sector faced headwinds, with some stocks lagging behind. Analysts suggest that reactions to operational data from companies, particularly in the cement sector, may influence market movements. Investors are advised to keep an eye on how auto stocks respond to market conditions.
Global market indicators are pointing towards a slightly muted start for Indian markets today, with a potential gap down opening. This cautious sentiment aligns with the thin volumes observed in the early hours of trading.
Despite the early start, market participants noted thin volumes, indicating a cautious approach to the new year's trading. Yesterday, a small sell flow figure was reported, but markets managed to hold on and even made fresh gains.
In 2023, the Indian market witnessed significant milestones, with the Nifty, Nifty Bank, mid-cap index, and small-cap index all reaching record highs. Investors are keenly watching to see how these markets will perform in 2024. Notably, on the first trading day of the year, the Nifty hit a fresh record intraday high. However, the second half of the trading session experienced a notable sell-off, primarily centered around auto stocks.
The auto sector was in focus as December monthly sales volumes trickled in, with tractor sales disappointing overall. This mixed picture led to varied performances across different segments. The telecom sector, with a focus on companies like Idea, continued to move higher, building on the gains made on the last trading day of 2023.
However, the auto sector faced headwinds, with some stocks lagging behind. Analysts suggest that reactions to operational data from companies, particularly in the cement sector, may influence market movements. Investors are advised to keep an eye on how auto stocks respond to market conditions.
Global market indicators are pointing towards a slightly muted start for Indian markets today, with a potential gap down opening. This cautious sentiment aligns with the thin volumes observed in the early hours of trading.