Stock market today: Sensex, Nifty 50 end flat; Reliance, HDFC Bank among top drags

Stock market today: Frontline indices- the Sensex and the Nifty 50 – closed flat on Thursday, December 26, as gains in shares of Bharti Airtel, Adani Ports and Mahindra and Mahindra were largely offset by losses in those of Reliance Industries, HDFC Bank and Titan.

Lacklustre global cues amid holiday-thinned trade kept sentiment low. Investors’ focus now is on the US Federal Reserve’s interest rate path next year and Donald Trump’s tariff policies.

Lacklustre global cues amid holiday-thinned trade kept sentiment low. Investors’ focus now is on the US Federal Reserve’s interest rate path next year and Donald Trump’s tariff policies.

Sensex opened at 78,557.28 against its previous close of 78,472.87 and touched its intraday high and low of 78,898.37 and 78,173.38, respectively. The 30-share pack finally closed flat at 78,472.48.

The Nifty 50 opened at 23,775.80 against its previous close of 23,727.65 and hit its intraday high and low of 23,854.50 and 23,653.60, respectively. The index settled at 23,750.20, up 23 points, or 0.10 per cent, on the expiry day of December futures and options (F&O) contracts.

BSE Midcap index rose 0.11 per cent, outperforming the benchmark Sensex. However, the BSE Smallcap index declined 0.24 per cent.

“On the last expiry day of the year, the domestic market remained flat throughout the day amidst holidays in peer markets and a lack of major domestic or global triggers,” Vinod Nair, the head of research at Geojit Financial Services, observed.

“Concerns over FII outflows and the depreciating rupee persist, given the strengthening US dollar index and worries about potential adverse tariffs and rate cuts in 2025, holding the muted market trend,” said Nair.

Sectoral indices today

Among the sectoral indices, Nifty Auto, Healthcare and Pharma indices rose almost 1 per cent. On the flip side, Nifty Media fell over 1 per cent. Nifty Bank and Private Bank indices slipped 0.12 per cent and 0.16 per cent, respectively, while the Nifty PSU Bank index rose 0.31 per cent.

Nifty 50 outlook

According to Aditya Gaggar, the director of Progressive Shares, the bulls are finding it difficult to overcome the immediate hurdle of 23,850.

“After a firm opening, the Nifty 50 advanced under the leadership of the banking stocks, but the rally quickly fizzled out in the absence of any triggers. We need a convincing move on either side of a well-maintained range of 23,650-23,850,” said Gaggar.

Chandan Taparia, the head of equity derivatives and technical at Motilal Oswal Financial Services, pointed out that the Nifty 50 is hovering near its 200-day EMA (exponential moving average) while trading below its short-term moving averages as well. On the weekly chart, the index has formed a Doji candle, indicating support-based buying but with limited upside potential.

“FII selling pressure has been significant as reflected by a decline in the Long-Short ratio, which has dropped to 23 per cent, and based on the current price structure, as long as the Nifty 50 trades above the 24,500 level, it can witness some swings towards 23,900-24,000 zone,” said Taparia.

“On the options front, maximum Call OI (open interest) is at 24,000 then 25,000 strike, while maximum Put OI is at 23,800 then 23,000 strike. Call writing is seen at 23,800, then 24,000 strike, while Put writing is seen at 23,800, then 23,000 strike. Option data suggests a broader trading range between 23,200 to 24,200, while an immediate range between 23,500 to 23,900 levels,” said Taparia.

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