Markets may start on negative note

3 Jan 2024 , 08:45 AM

Domestic equities displayed a subdued performance on Tuesday, influenced by the prevailing weakness in Asian markets. 

The decline in Asia-Pacific markets ensued after Wall Street witnessed a tumble in the Nasdaq Composite and the S&P500 indexes on the first trading day of the year. Investors across Asia are eagerly anticipating India’s factory activity data for December from S&P Global. Additionally, heightened tensions in the region stemming from Iran’s deployment of a destroyer to the Red Sea are closely impacting oil prices.

As Wednesday unfolds, the GIFT Nifty signals a marginally negative start for the broader index, indicating a loss of 70.5 points. GIFT Nifty futures were positioned at 21,682 points after reaching a high of 21,820 points.

In the last market session on Tuesday, the Sensex recorded a decline of 379.46 points, representing a 0.53% decrease, settling at 71,892.48. Concurrently, the Nifty experienced a drop of 76.10 points, reflecting a 0.35% decrease, concluding at 21,665.80.

Individual stocks within the Nifty exhibited noteworthy movements on Tuesday. Eicher Motors, M&M, UltraTech Cement, L&T, and Kotak Mahindra Bank emerged as the top losers, grappling with downward trends. Conversely, Coal India, Adani Ports, Sun Pharma, Divis Labs, and Cipla demonstrated resilience amid market fluctuations, securing gains.