The Indian stock market closed lower on Monday amid mixed global cues.

At closing, the Sensex settled at 81,748.57, down by 384.55 points, or 0.47 percent, and the Nifty ended at 24,668.25, down by 100.05 points, or 0.40 percent.

The national market traded in a range-bound manner, while the realty sector outperformed in expectation of growing demand and a potential rate cut cycle in 2025, market experts said. A rise in manufacturing and service PMI suggests a positive turnaround in H2 FY25 earnings, which may limit further downgrades in FY25 earnings.

“Rising US 10-year bond yields and a strengthening dollar led investors to remain watchful of the upcoming US Fed policy and its commentary for 2025 rates,” the experts added.

The Nifty Bank ended at 53,581.35, down by 2.45 points, or 0.00 percent. The Nifty Midcap 100 index closed at 59,443 at the end of trading after rising 451.50 points, or 0.77 percent. The Nifty Smallcap 100 index closed at 19,531.05 after rising 123.75 points, or 0.64 percent.

On the Bombay Stock Exchange (BSE), 2,338 shares ended in the green and 1,802 in the red, while 100 shares remained unchanged.

On the sectoral front, buying was witnessed in the auto, PSU bank, pharma, realty, media, and private bank sectors of the Nifty.

In the Sensex pack, Titan, UltraTech Cement, NTPC, TCS, Bharti Airtel, Tech Mahindra, Infosys, Hindustan Unilever, JSW Steel, HCL Tech, Tata Steel, Tata Motors, HDFC Bank, and Nestle India were the top losers. IndusInd Bank, Bajaj Finance, Power Grid, M&M, and Axis Bank were the top gainers.

The market is currently awaiting the US Federal Reserve (FED) meeting scheduled for December 17-18. The rupee traded at 84.87 as the dollar strengthened, holding above the $106.50 mark. The rupee’s trading range is expected to remain between 84.75 and 85.00 amid these developments, experts said.

(IANS)