The Nifty 50 Index has also displayed positive movement as Christmas approaches, joining the Sensex in its upward trajectory.
On December 23, 2024, the Nifty rose by 0.56%, closing at 18,592.60 points, supported by gains across various sectors, particularly in IT and auto stocks. The broader market sentiment remained optimistic as investors showed confidence in the stability of the Indian market heading into the new year.
On December 24, 2024, the Nifty continued its upward momentum, adding 0.34% to reach 18,637.45 points.
The IT sector remained a key driver, bolstered by a weaker rupee, which boosted the earnings outlook for Indian IT companies with significant overseas revenues. The auto sector also saw some strength, reflecting a positive outlook for the domestic economy despite global challenges.
Alongside IT and auto, the banking sector played a pivotal role in supporting the Nifty’s growth. Stocks like HDFC Bank and Kotak Mahindra Bank contributed significantly to the overall performance, as banking stocks remain attractive to investors seeking stability and growth potential.
Overall, the Nifty’s performance in the lead-up to Christmas is a sign of investor confidence, with a growing optimism that the Indian market can continue to outperform in 2025.
Analysts are closely watching the market’s behavior as we enter the final stretch of 2024, noting that positive domestic economic indicators and strong sectoral performance could provide a solid foundation for continued growth.
The combination of strong earnings reports and favorable market conditions has helped both the Nifty and Sensex remain resilient.
With global economic factors remaining a concern, Indian markets appear to be on a positive path, buoyed by optimism in sectors like IT, banking, and auto, providing a promising outlook for the final days of the year and into 2025.
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Sensex shows positive momentum ahead of christmas, boosted by IT and banking sectors