D-Street Show Kindles Hopes for New Year

Stocks lit a spark of optimism for investors in the New Year as the benchmark indices roared back, even as experts kept their fingers crossed on whether the rally has legs.

- Dipti Sharma

MUMBAI: The Nifty and Sensex closed 1.9% and 1.8% higher at 24,188.65 and 79,943.71 respectively, on a day that saw relatively lower volumes and the debut of new rules on options contracts. The Nifty broke through the 200-day moving average after several failed attempts in recent sessions, signaling a possible bounce-back. Investor wealth rose by ₹6 lakh crore.

Despite election-related uncertainties in India and the US, plus a selling spree by foreign investors, the Nifty and Sensex managed to close 2024 with gains of 8.8% and 8.1%; however, the much-awaited Santa Claus rally did not materialize in December, leaving investors waiting for a New Year surprise.