Closing Bell: Market Ends Flat, Sensex & Nifty Record Losses For 3 Consecutive Series, Fall 10%, RIL Drags

In a subdued trading session on Thursday, December 26, the Indian stock markets ended flat, marking a lacklustre close for the third consecutive series. The Nifty and Sensex saw little change, weighed down by mixed sectoral performances and muted global cues amid holiday-thinned trade. While specific sectors and midcaps saw some gains, the overall sentiment remained cautious as investors looked ahead to critical global economic developments.

The Sensex opened higher at 78,557.28 but traded within a narrow range, touching an intraday high of 78,898.37 and a low of 78,173.38. The 30-share index finally closed flat at 78,472.48, barely moving from its previous close of 78,472.87.

The Nifty 50, on the other hand, managed a modest gain, rising 23 points to settle at 23,750.20. It opened at 23,775.80, hit an intraday high of 23,854.50, and a low of 23,653.60. However, the Nifty still struggled below its 200-day moving average of 23,840, signalling persistent resistance at this level.

Over the past three series, the Nifty has fallen 10%, marking its steepest decline since June 2022. This drop also represents the first time in 21 months that the market has posted losses for three consecutive series.

While the benchmarks remained subdued, the BSE Midcap index rose by 68 points to close at 57,126, outperforming the broader market. In contrast, the BSE Smallcap index declined by 0.24%, reflecting selective interest in mid-tier stocks.

The Nifty Bank index also faced pressure, slipping 62 points to end at 51,171, as financial heavyweights like HDFC Bank underperformed.

Most Adani Group stocks closed higher, with Adani Ports surging 5% to become the top gainer on the Nifty. Auto stocks gained ahead of monthly sales data releases, with Bajaj Auto, Maruti Suzuki, and Mahindra & Mahindra emerging as top performers. The FMCG sector faced selling pressure, with Titan, Asian Paints, and Nestle among the top losers on the Nifty. BPCL saw minor gains after securing a Rs 756 crore order from NTPC.

Ola Electric dropped 7% from its highs as the company announced plans to add 3,200 new stores. NALCO shares rose 1% after the company signed a mining lease deed to enhance capacity to 4 million tonnes per annum (MTPA). Mobikwik extended its rally following block deals worth Rs 232 crore.

NTPC Green Energy slipped 5% as a one-month lock-in period for investors ended. Ramky Infra shares gained 2% after the company received a letter of award worth Rs 215.08 crore from the Hyderabad Water Supply Board.

Panacea Biotec climbed 4% on receiving a letter of award worth Rs 127 crore from UNICEF. Ceigall shares rose 4% after its arm signed a concession agreement with NHAI for a Rs 981 crore project. ACME Solarended 2% higher following a Rs 1,988 crore order win from PFC.

Muted global cues weighed on the sentiment as international markets traded in a thin range due to holiday closures. Investors remain focused on the US Federal Reserve's interest rate trajectory for 2024 and the impact of Donald Trump's tariff policies on global trade.

These uncertainties, coupled with concerns about domestic growth and inflation, have kept market participants cautious. Despite today's modest gains in the Nifty, the broader market's weakness over the past three series underscores lingering challenges. Persistent resistance at the 200-day moving average and the Nifty's 10% drop highlight the need for strong domestic triggers to boost investor sentiment.