Markets kick off 2024 on flat note

Mumbai: Stock markets kicked off the New Year on a flat note with benchmark Sensex closing with modest gains of 31 points in a highly volatile trading session on Monday helped by buying in energy, services and telecom shares.

The 30-shares barometer scaled new intraday record high of 72,561.91 before closing at 72,271.94, a gain of 31.68 points or 0.04 per cent over the last close. During the day, it hit a low of 72,031.23 and a high of 72,561.91. The broader Nifty also hit its all-time intraday high of 21,834.35 before settling higher by 10.50 points or 0.05 per cent at 21,741.90. . In 2023, the BSE benchmark jumped 11,399.52 points or 18.73 per cent, and the Nifty climbed 3,626.1 points or 20 per cent. “Market exhibited strength led by optimism on rate cuts, easing global inflation, and softer bond yields. But profit booking was visible at higher levels as lingering concerns over Red Sea disruptions pose short-term risks to global supply chains and freight costs,” Vinod Nair, head (research) at Geojit Financial Services.

As many as 22 Nifty shares advanced, while 28 declined. Key stock indices remained volatile throughout the session as traders were indecisive in the absence of global cues, analysts said.

“The spotlight of this week is also on FOMC minutes which will provide an insight for 2024 rate cut,” Nair added. On the Sensex chart, Nestle, Tech Mahindra, HCL Technologies, Tata Motors, Wipro and ITC were among the winners. In contrast, Bharti Airtel, Mahindra & Mahindra, Bajaj Finserv, HDFC Bank, NTPC and Hindustan Unilever were among the laggards. Momentum in mid and small caps remained strong, buoyed by a positive macro-outlook but private banks experienced a reversal trend.