The domestic equities in India experienced a flat ending on the last day of the year, marking the conclusion of a five-day winning streak. Profit booking in select heavyweight stocks contributed to a marginal loss in the Nifty, which closed down 22 points at 21,731 levels. The broader market, however, outperformed, with the Nifty Midcap 100 and Nifty Smallcap 100 up by 0.8% and 0.6%, respectively.
In terms of sectors, there was a mixed performance, with buying observed in the Auto, FMCG, Realty, and Metals sectors. Auto and electric vehicle (EV) stocks particularly rallied following news that the government is planning to replace 800,000 diesel buses with electric ones over the next seven years.
Joseph Thomas, Head of Research at Emkay Wealth Management, noted that after a buoyant market that reached all-time highs, the last trading day of the year witnessed some correction. Selling pressure was observed in large-cap stocks, primarily in the Banking, Tech, and Oil & Gas sectors.
(With Agency Inputs)
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