The Gift Nifty fell sharply during the first trading session of 2024 on the NSE and BSE.

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The first trading session of 2024 on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) witnessed a significant and unexpected plunge in the benchmark index, the Nifty. This sudden decline sent shockwaves throughout the financial markets, leaving investors and analysts scrambling for explanations and potential implications.

The domestic benchmark indices are expected to start the year 2024 on a low note as the Gift Nifty indicates a red opening. Most Asian markets were closed due to New Year celebrations, while the Western world will also observe a public holiday on Monday. The low trading volume may hurt the market sentiments. Traders in India are preparing for the Q3 earnings by India Inc, which are due later this month, followed by an interim union budget before the general elections in 2024.

On the last trading day of 2023, the domestic benchmark indices ended on a negative note. This ended their five-day winning streak because of profit-booking in select heavyweights. However, the benchmarks Sensex and Nifty 50 had healthy gains of 19% and 20%, respectively, for the year. 

On Friday, the Sensex closed 170.12 points or 0.23% lower at 72,240.26, while the Nifty 50 settled at 21,731.40, down by 47.30 points or 0.22%. 

Gift Nifty was trading around the 21,776 level, which is lower than Nifty futures’ previous close of 21,861. This indicates a weak start for the Indian stock market indices.

On the last trading day of 2023, US stocks closed slightly lower, even after a strong year-end rally. Investors were optimistic about easier monetary policy in the coming year. All three major indexes gained monthly, quarterly, and annual profits over the past few months. The Dow Jones Industrial Average dipped 0.05 percent to 37,689.54, while the S&P 500 dropped 0.28 percent to 4,769.83. The Nasdaq Composite lost 0.56 percent to 15,011.35.

According to provisional NSE data, Foreign Portfolio Investors (FPIs) were net buyers of domestic stocks worth INR 1,459.12 crore on Friday. However, Domestic Institutional Investors (DIIs) turned net sellers of Indian equities, selling shares worth INR 554.39 crore. Overseas investors invested INR 66,135 crore in the Indian equity markets in December 2023, and INR 1,71,107 crore in the entire year.

Crude oil prices fell on the last trading day of 2023, with Brent oil settling down by 11 cents or 0.14% at $77.04 a barrel. US West Texas Intermediate crude ended at $71.65 a barrel, down by 12 cents or 0.17% on the day. Brent futures lost over 10% in value during 2023.

Market participants are closely monitoring any changes in regulatory, taxation policies, and other government initiatives that could have an impact on businesses. Unfavorable changes in the regulatory environment or policy decisions have the potential to trigger market volatility.

Apart from fundamental factors, technical aspects of market analysis such as chart patterns and trading volumes also play a crucial role in exacerbating the selling pressure. Traders and algorithmic trading systems tend to react to technical signals, which can amplify market moves in the absence of clear fundamental drivers.

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