As the Indian stock markets approach the end of 2024, both the Nifty 50 and the BSE Sensex indices opened with gains. The Nifty 50 index opened at 23,801.40, gaining 51.20 points or 0.22%, while the BSE Sensex rose by 135 points or 0.17%, opening at 78,607.58 points. These positive movements suggest that the markets are cautiously optimistic about a potential year-end rally.
Experts are noting that while the market shows signs of growth, sustaining these gains remains a challenge. Foreign investors have been selling, putting pressure on the markets, which has hindered sustained rally momentum. However, hopes remain high for a market recovery, with expectations that strong earnings data could help fuel market growth.
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Nifty and Sensex: Gains Amid Market Volatility
Despite a promising start, market experts caution that the stock market has struggled to maintain its upward momentum in recent sessions. “The Nifty could not sustain its opening advance for the third straight day,” says Akshay Chinchalkar, Head of Research at Axis Securities. “Support sits between 23,500 and 23,640, and a daily close above 24,150 is needed to negate the prevailing market nervousness.”

This cautious outlook reflects concerns over the market’s inability to break above its 200-day moving average. The current market volatility, particularly foreign institutional investor (FII) selling pressure, has kept investors on edge, as the dollar index stays strong, and US bond yields remain attractive.
Sectoral Movements and Nifty 50 Top Gainers
Among the sectoral indices on the National Stock Exchange (NSE), the Nifty Auto index surged more than 1% in the opening session. Other indices also gained, although the overall mood remains mixed.
In the Nifty 50 stocks, 41 stocks opened in the green, while 9 declined. Top gainers for the day included Bajaj Auto, Trent, IndusInd Bank, and Tata Motors. Conversely, stocks like Apollo Hospital, HCL Tech, TCS, and CIPLA saw losses during the opening session.
FII Selling and Market Volatility
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, comments that market corrections and volatility are likely due to short-term bumps on the economic growth path. “The strongest headwind for the market now is the FII selling, which has been triggered by the strong dollar and attractive US bond yields,” he adds.

Market participants expect that the situation could change when macroeconomic indicators signal a recovery in growth and corporate earnings. Once this shift happens, the market could see a change in FII strategy, turning from selling to buying, leading to renewed optimism.
Asian Market Trends and Global Outlook
While the Indian market shows mixed trends, other Asian markets have also displayed varied performances. Japan’s Nikkei 225 index gained 1.45%, while Hong Kong’s Hang Seng rose by 0.03%. However, Taiwan’s Weighted Index remained relatively flat, with a marginal gain of 0.12%, and South Korea’s KOSPI index saw a decline of 1.43%.
Homage to Manmohan Singh and Indian Economic Liberalization

As India pays homage to Manmohan Singh, the architect of India’s liberalization in 1991, investors might reflect on the wealth created in the stock market since that historic economic shift. Singh’s policies laid the groundwork for India’s robust growth, which has been crucial for market development and investor wealth over the decades.
Outlook for the Indian Stock Market
As the stock market moves toward the close of 2024, investors are keeping a close eye on key indicators such as corporate earnings and FII activity. While market volatility and external factors like dollar strength and bond yields have created some uncertainty, there is optimism for a potential year-end rally, driven by strong earnings reports and a shift in FII strategies.
The market outlook remains cautious, but there are signs of potential growth if macroeconomic conditions improve. Investors are advised to stay vigilant and closely monitor the evolving market trends as the year draws to a close.
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