The Indian stock market has been on a rollercoaster ride in 2024, with the Sensex and Nifty both posting gains despite a correction in the December quarter. The last trading session of the year saw the Sensex rise 8.2% and the Nifty 50 end with gains of 8.8%, driven mainly by domestic liquidity. However, both indices experienced a nearly 10% drop since reaching their highs in September due to sustained selling by foreign portfolio investors and weak second-quarter results.
Comparing the performance of Indian indices to global counterparts, it is evident that they have underperformed. Asian indices such as Japan’s Nikkei 225 and Hang Seng outperformed, as did Singapore’s Straits Times and Shanghai Composite. Major US and European indices like the S&P 500, Nasdaq, and Germany’s DAX also saw significant gains throughout the year.
In the latest updates for January 1, 2025, the stock market is showing signs of bullishness, with Petronet LNG being highlighted as a stock to buy at ₹346. The short-term outlook for Petronet LNG remains positive, with the stock in an uptrend since mid-November. Despite a recent slowdown in the pace of rise, the uptrend is still intact, with strong support levels around ₹340-₹335.
Overall, the Indian stock market continues to be influenced by various factors, both domestic and global. Investors should stay informed about market trends and developments to make well-informed investment decisions. It will be interesting to see how the market performs in the coming year and whether it can catch up to its global peers.
