Share Market Highlights: Sensex dips 384 points, Nifty settles below 24,700; India VIX up 7%

Sensex, Nifty updates on 16 December 20224: The Sensex declined 384.55 points (0.47%) to 81,748.57, and the Nifty fell 100.05 points (0.4%) to 24,668.25, amid mixed sectoral performance and heightened market volatility. Despite losses, market breadth was positive, with 2,346 advances against 1,796 declines on the BSE. The realty sector emerged as a standout performer, gaining over 3%, driven by expectations of robust demand and a potential rate cut cycle in 2025. In contrast, metal and IT stocks dragged indices lower, with Titan (-1.93%) and TCS (-1.29%) among top losers. Dr. Reddy’s Lab (+1.74%) led the gainers. Investors remained cautious ahead of the US FOMC meeting and concerns over China’s economic slowdown. Economic data offered optimism, with wholesale inflation easing to 1.89% and the Composite PMI rising to 60.7. The India VIX surged 7%, reflecting investor uncertainty. Analysts recommend a buy-on-dip approach as markets consolidate, with attention shifting to global policy outcomes. Midcap and small-cap indices outperformed, indicating underlying market resilience.