As the year draws to a close, the BSE Sensex is showing a promising upward trajectory, with the index rising steadily in the days leading up to Christmas.
On December 23, 2024, the Sensex surged by 0.64%, closing at a robust 78,540.17 points.
This growth was primarily driven by gains in key sectors, including banking and FMCG stocks, reflecting continued investor optimism despite global uncertainties.
The positive momentum continued on December 24, with the Sensex rising further by 0.42%, reaching 78,866.35 points.
A major contributor to the rise was the IT sector, which saw a boost of 0.4%. The weakened rupee played a significant role in strengthening the outlook for IT companies, as it boosts their dollar-denominated revenues.
HDFC Bank and other banking stocks also led the charge, further propelling the benchmark index. Metals stocks, which have been showing signs of resilience in recent weeks, continued their upward trend, adding to the overall strength of the market.
Analysts attribute this positive movement to favorable domestic economic indicators and investor confidence in the Indian market, with many focusing on the upcoming year.
Additionally, the Indian market appears relatively insulated from global volatility, as strong corporate earnings, positive sectoral performance, and favorable government policies continue to support growth.
As investors keep an eye on global developments, the Sensex’s performance through the holiday season reflects a cautious yet optimistic sentiment.
The gains could set the tone for the Indian stock market’s performance into 2025, highlighting India’s potential to weather external challenges and continue its growth trajectory.
With the Sensex nearing its highest levels of the year, market participants are hoping for a strong finish to 2024, signaling a potentially bullish start to the new year.
As the markets remain volatile during the holiday season, all eyes will remain on key indicators and sectors driving the growth.
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