Stock Market Today: All You Need To Know Going Into Trade On Dec. 31

As we approach the final trading day of the year on December 31, it is essential to stay informed about the latest developments in the stock market. On December 30, the major indices experienced a decline, which raises questions about market trends and investor sentiment.

Market Overview

The NSE Nifty 50 closed down by 168.50 points, or 0.71%, settling at 23,644.90. Meanwhile, the BSE Sensex decreased by 450.94 points, or 0.57%, ending at 78,248.13.

In the U.S., Wall Street opened negatively, with the S&P 500 dropping by 1.23% to 5,897.10 points. The Nasdaq Composite fell by 1.44%, reaching 19,438.76 points, while the Dow Jones Industrial Average slipped by 0.77% to 42,992.21.

Internationally, Brent crude oil was up by 0.44%, priced at $74.50 per barrel, while spot gold saw a decrease of 0.68%, trading at $2,603.57 an ounce.

There has been a consistent trend of overseas profit booking, with foreign investors selling stocks for the tenth consecutive session, offloading shares worth Rs 24,044.2 crore. On the contrary, domestic institutional investors made purchases worth Rs 2,173.9 crore on December 30.

Trade Setup for December 31

As we head into the last trading day of 2024, the Nifty is consolidating between support at 23,500 and resistance at 23,860.

Stocks to Watch

Investors should be aware of several stocks that are making headlines:

• Rail Vikas Nigam: Selected as the lowest bidder for a central railway project valued at Rs 137.2 crore.
• Flair Writing Industries: The company has launched a new subsidiary to focus on stationery manufacturing and distribution.
• Mazagon Dock Shipbuilders: Signed a contract with the Ministry of Defence worth Rs 1,990 crore for Air Independent Propulsion Plug.
• Clean Science and Technology: Their subsidiary has commenced commercial production of a new chemical product.
• Prestige Estates Projects: Acquired a 49% stake in a project developing an IT-enabled services park.

Upcoming IPOs

Investors may want to look at Indo Farm Equipment, which is offering shares with a price band from Rs 745 to Rs 785. The IPO aims to raise Rs 500 crore.

Market Sentiment

Despite recent declines, investor interest remains evident, particularly from retail investors, which could influence market performance as the new year unfolds.

Key Insights for Investors

It's crucial for investors to keep an eye on the market as we conclude 2024. Market fluctuations in the coming weeks may indicate trends for the upcoming year, and being informed will help in making strategic decisions.

Stocks, Market, Investors