In a volatile session, the benchmark indices ended with marginal losses on December 24, with the Nifty above 23,700 amid buying seen in the auto, oil & gas, and FMCG names.
At close, the Sensex was down 67.30 points or 0.09 percent at 78,472.87, and the Nifty was down 25.80 points or 0.11 percent at 23,727.65.
Amid mixed global cues, the Indian indices started on a muted note, but buying in auto, energy, FMCG names helped the Nifty index to inched closer to 23400. However, profit booking in the second half erased all the intraday gains to close with little change.
The market will remain shut on Wednesday, December 25, on account of Christmas.
Power Grid Corp, JSW Steel, SBI Life Insurance, Titan Company and SBI were among major losers on the Nifty, while gainers were Tata Motors, Adani Enterprises, Eicher Motors, BPCL and ITC.
Among sectors, buying was seen in the auto, FMCG, oil & gas, while selling was seen in the IT, media, metal, PSU Bank.
The BSE midcap index ended on a flat note, while smallcap index was up 0.3 percent.
Outlook for December 26
Aditya Gaggar Director of Progressive Shares
After a subdued opening, the Index soared higher under the leadership of the Auto and IT counters but however once again, the level of 23,850 worked as a strong hurdle and the Index reversed to settle the trade at 23,727.65 with a loss of 25.80 points. Auto and FMCG were the top performers on a sectoral front while Metal and PSU Banks corrected the most.
The disparity was seen in the Broader markets where Midcaps moved in tandem with the Frontline Index while Smallcaps marginally outperformed by ending the day in green.
The Index is oscillating in a well-maintained range of 23,650-23,850 and a breakout on either sides is necessary for a concrete inference.
Shrikant Chouhan, Head Equity Research, Kotak Securities:
Today, the benchmark indices continued to exhibit narrow range-bound activity, with the Nifty ends 26 points lower and the Sensex down by 67 points. Among sectors, selective auto stocks saw buying interest at lower levels, while the metal and PSU bank indices experienced intraday profit booking at higher levels.
Technically, after a muted opening, the market witnessed range-bound activity throughout the day, it also formed a small inside body candle on the daily charts. We believe that the current market texture is non-directional, as traders seem to be waiting for a breakout in either direction.
On the upside, 23850/78800 would be the immediate breakout level for the bulls. If surpassed, the market could rally up to 23950-24000/79100-79300. Conversely, selling pressure is likely to accelerate below 23600/78200, with the market potentially slipping to 23500-23475/78000-77800.
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