Image Source : INDIA TV Stock market update for January 1, 2025.
Stock markets update: Equity benchmark indices opened in green in early trade on Wednesday – the first day of the new year 2025. In the early trade, the 30-share BSE Sensex climbed 99.38 points to 78,251.76. Meanwhile, the Nifty was also up by 20.55 points to 23,665.35.
In terms of individual stocks, there was a noticeable uptick in shares like Sun Pharma, Asian Paints, Tech Mahindra, and HCL Tech. On the other hand, stocks such as Nestlé, IndusInd Bank, ICICI Bank, and Axis Bank saw a decline. On the last trading day of 2024, the Sensex closed down by 109 points, while the Nifty ended nearly flat. The benchmark Sensex fell by 109.12 points (0.14%) to settle at 78,139.01. The Nifty also saw a slight dip, closing with a marginal loss of 0.10 points at 23,644.80.
Investors’ wealth surges in 2024, market capitalization soars
The wealth of investors in the stock market rose by over Rs 77.66 lakh crore in 2024. During this period, the BSE Sensex gained more than 8%. Despite facing market fluctuations, bulls and bears battled throughout the year, and the Indian market still delivered impressive returns. On April 8, 2024, the market capitalization of listed companies on the BSE surpassed Rs 400 lakh crore for the first time. However, factors such as Foreign Institutional Investors’ (FII) selling, global uncertainties after the US presidential election, and rising inflation led to a significant decline in the market.
Rupee against dollar
Meanwhile, the rupee dropped 5 paise to 85.69 against the US dollar in early trade on Wednesday, the first session of 2025, as the strength of the American currency in the overseas market and persistent foreign fund outflows weighed on the local unit. Forex traders said the dollar index (DXY) and US 10-year bond yields have been on an uptrend largely owing to the Federal Reserve’s cautious stance and the “Trump factor”.
Additionally, global markets are expected to see low volumes as the holiday season is underway in major economies like the UK and Europe. At the interbank foreign exchange, the rupee opened at 85.63 then fell further to 85.69 against the American currency, registering a fall of 5 paise over its previous close. On Tuesday, the rupee depreciated 12 paise to close at a fresh all-time closing low of 85.64 against the US dollar.
(With PTI inputs)
