Volatile week ends in green; Nifty closes near 21,350 top gainers on December 22 include Wipro, HCL Technologies, Bajaj Auto whereas Banks and NBFCs stocks among key losers

Volatile week ends in green; Nifty closes near 21,350 top gainers on December 22 include Wipro, HCL Technologies, Bajaj Auto whereas Banks and NBFCs stocks among key losers

The benchmark equity indices ended Friday’s trading session in the positive territory. The NSE Nifty 50 gained 94.35 points or 0.44% to settle at 21,349.40, while the BSE Sensex jumped 241.86 jumped or 0.34% to 71,106.96. Bank Nifty index ended lower by 348.30 points or 0.73% to settle at 47,491.85.

The broader indices ended in positive territory, with gains led by Smallcap and Largecap stocks. IT and Metal stocks outperformed whereas Banks and Financial services ends.

The Indian Volatility Index (India VIX) closed down by 0.36 %.

“The ‘buy on dips’ strategy continues to drive investors during the subdued week. Mid and small caps remain in the limelight, benefiting from ease in oil prices and the anticipation of a potential rate cut in CY24, supported by slower-than-expected US GDP growth and weakness in the dollar, signalling early rate cuts,” said Vinod Nair, Head of Research at Geojit Financial Services

Nair also said that, Realty and Auto sectors shine, while PSU banks outperform peers on account of improvements in balance sheets and profitability. Despite a premium valuation, the short-term positive trend persists, supported by a strong revival in FIIs buying & stock specific actions. Heading into the festive season and year-end, we can anticipate a range-bound trade scenario with limited data points.