Nifty gives up intra-day gains in late sell-off

MUMBAI: Nifty gave up intra-day gains in late sell-offs and ended the first day of 2024 with little change from Friday's close, said Deepak Jasani, Head of Retail Research at HDFC Securities.

A late sell-off saw all the intra-day gains being wiped off. At close, Nifty was up 0.05 percent or 10.5 points at 21,741.9.

Cash market volumes on the NSE were the lowest since November 23, 2023, while the broad market indices rose more than the Nifty even as the advance-decline ratio rose to 1.82:1, Jasani said.

Low-value stocks, banks, and rail stocks were among the most active stocks.

European markets that were closed on Monday on account of New Year’s Day included the UK, France, Germany, and Italy. Asian markets, including China, Japan, Hong Kong, and South Korea, were also shut on Monday.

After a flat opening, Nifty traded erratically on Monday, reaching a new all-time high of 21,834.35 before correcting from higher levels and closing the session slightly above the 21,700 support level.

Bank Nifty also retreated and found support near 48,000 and managed to close above the mentioned support, said Deven Mehata, Equity Research Analyst at Choice Broking.

The market has traded flat to positive with the Sensex gaining 0.04 percent to close at 72,271.94, while Bank Nifty closed negative, down by 0.12 percent to settle at 48,234.30.

Among sectors, Nifty PSU Bank, Nifty Media, and Nifty IT ended in the green, while Nifty Auto, Nifty Consumption, and Nifty Fin Services ended on the lower side.

In Nifty stocks, Nestle, Adani Enterprise, and Adani Ports were the top gainers, while Eicher Motors, Bharti Airtel, and M&M were the prime laggards.