NSE nifty was down 0.01 per cent or 20.75 to 21,710.65 points, while the BSE sensex was at 72,129.11 down 0.15 per cent or 105.69 points. A total of 3,891 stocks were actively traded, 1,990 advanced, while 1,794 declined and 107 stocks remained unchanged where 220 stocks hit a 52 week high and six stocks hit a 52 week low at 9.30 am on Monday.
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Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “As the New Year begins it is a Goldilocks scenario for the economy and markets. The growth momentum in the economy is strong. 7 per cent GDP growth in FY24 is likely to be followed by around 6.7 per cent growth in FY25 with decent corporate earnings growth. The banking system is in the pink of health and all macroeconomic indicators are stable. Political stability after the General elections looks almost certain.
From the global perspective, the US economy appears to be heading for a soft landing. The US 10-year bond yield at 3.87 per cent and the dollar index at 100.6 are tailwinds for the market. FPI inflows in 2024 are likely to be robust.
The concern, however, is that most of this good news is in the price; valuations are a bit stretched and above the long-term averages. So, the market is vulnerable to corrections from presently unknown risks. The broader market is overvalued; safety is in large-caps.”
Major gainers on the NSE at 10 am include: Coal India (1.49%); Tata Motors (1.44%); Grasim (1.23%); BPCL (0.92%); Nestle India (0.82%)
Major losers at 10 am include: Eicher Motors (-1.79%); M&M (-0.90%); Bharti Airtel (-0.81%); Britannia (-0.79%); Hindustan Unilever (-0.78%)
BSE midcap was up 0.57 per cent and BSE smallcap was up 0.70 per cent, indicating gains.