2024-01-01 20:23:00
The day was full of ups and downs as hesitation gripped traders in the stock markets. With no new signals available internationally, the focus turned to domestic issues and global events causing concern. In America, everything remained healthy, but the incursions of Houthi rebels in the Red Sea left traders apprehensive.
The spread of the corona virus also sparked worries among traders, causing them to be hesitant to buy and accumulate stocks. The day began with a decline, only to turn green for a while before a wave of ‘profit booking’ led to a small rally at the end of the day.
In addition, growth in eight key manufacturing sectors slumped to a six-month low of 7.80 percent in November, which added to the concerns of traders. The central government’s fiscal deficit also saw an increase, further adding to the overall apprehension.
Vehicle sales of various companies decreased significantly in December, reflecting the worrying trends in the market. However, the Finance Ministry’s report provided some relief as it stated that despite headwinds to growth from abroad, the country is expected to see a very comfortable GDP growth of 6.50 per cent this fiscal year.
Commerce and Industry Minister Piyush Goyal’s remarks about India’s focus on infrastructure and a growing economy offered a glimmer of hope to the traders amidst the uncertainties.
At the end of trading hours, public sector banks and healthcare stocks ended in gains, while banks, autos, consumer goods, and financial services sectors ended in losses, further highlighting the volatility of the day.
The Sensex and Nifty also saw a series of fluctuations throughout the day, ending with a bullish green trend despite the overall hesitancy among traders. With no clear signals from the international market and domestic concerns looming large, traders are left to navigate the uncertainties in the days ahead.
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