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On the currency front, the Indian Rupee weakened by over 3% against the US dollar, as importers ramped up their dollar purchases to meet year-end obligations. Economists predict the rupee could slide further, with some forecasting it might hit 87 against the dollar in 2025.
Among notable stock movements, shares of tourism app Easy Trip fell by up to 10% after co-promoter Nishant Pitti revealed plans to sell his remaining 14% stake in the company.
2024 was a record year for fundraising in India’s capital markets, with companies raising ₹3.5 lakh crore through 438 issuances. Ather Energy became the latest company to get approval from SEBI for its IPO, aiming to raise nearly ₹4,000 crore. Cryptocurrencies had a standout year too, with Bitcoin hitting new highs and the total market cap crossing $1 trillion.
On the global stage, the US has accused China of orchestrating a major hacking attack through a third-party software service provider, which targeted the US Treasury Department.
How did the Indian market fare in 2024? Who are the top gainers & losers?
Here’s a complete wrap up
Nifty 50 closes flat in final trading session of 2024 as IT stocks decline
The Nifty 50 closed near flat on the final trading session of the year on Tuesday, as markets seeing a modest recovery after earlier losses led by information technology (IT) stocks, but thin volumes kept the market’s movements subdued.
The Sensex ending 109 points lower at 78,139. The Nifty finished at 23,658.
IT stocks were the major drag on the indices, dropping 1.4%, with heavy losses across the sector. The decline in the sector, which derive a significant portion of their revenue from the U.S., comes as broader market sentiment weakens.
Rupee plunges 3% in 2024 amid global tensions
The rupee settled at new lows as the dollar’s resurgence took a toll on emerging-market currencies. Throughout the action-packed year, a series of geopolitical events—including the Russia-Ukraine war, the crisis in the Middle East, and trade disruptions in the Red Sea—impacted exchange rates, including that of the rupee.
Easy Trip Planners — How retail shareholding went up to 10 lakh from 50,000 in just three years
Easy Trip Planners Ltd., the parent company of travel aggregator EaseMyTrip, saw its shares fall as much as 10% on Tuesday, December 31 after one of its promoter planned to exit the company by selling his remaining stake.
News came in on Monday evening that co-founder Nishant Pitti, one of the promoters, plans to exit the company by selling the remaining 14% stake via block deals. However, only 1.2% of that stake has been sold so far, based on data last checked.
2024: A record-breaking year for fundraising in Indian capital markets
This has been an exceptional year for Indian companies looking to raise capital, with a remarkable surge in fundraising activities across various sectors. The Indian capital markets have seen unprecedented activity, as companies collectively raised ₹3.5 lakh crore through 438 issuances, making 2024 a standout year in the financial world.
A key highlight of 2024 has been the robust performance of the Initial Public Offering (IPO) market. Companies raised approximately ₹1,62,800 crore via IPOs. Additionally, these IPOs saw a weighted average listing premium of 31%.
The Small and Medium Enterprises (SME) segment also experienced remarkable growth. The number of SME IPOs surged from 109 in 2022 to 235 in 2024. This uptick was accompanied by a significant increase in funds raised, jumping from ₹1,900 crore in 2022 to ₹8,600 crore in 2024.
2024: The year of crypto, but without the hype
In 2024, crypto hit new heights, but this time, the frenzy was different. While Bitcoin soared to a record high of over $81,000 shortly after Donald Trump’s victory in the US presidential elections, other digital assets, including Dogecoin, also surged significantly.
However, the market’s excitement remained more tempered than in previous bull runs.
This was possibly marked by long-term strategies and a cautious approach rather than wild speculation.
US Treasury says it was breached by Chinese-backed hacker
The US Treasury Department was hacked by a Chinese state-sponsored actor through a third-party software service provider, according to a letter the agency sent to Congress on Monday.
Treasury described the intrusion as a “major cybersecurity incident,” since it was attributed to a state-sponsored actor, according to the letter, which was reviewed by Bloomberg News.
Kerala nurse Nimisha Priya sentenced to death in Yemen, India extends help
India is extending all possible support to explore options in the case of Nimisha Priya, a Kerala nurse sentenced to death for the murder of Yemeni national Talal Abdo Mahdi. According to reports, the execution could take place within a month unless the victim’s family grants a pardon, a condition under Yemeni law.
Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal confirmed the government’s awareness of the situation. “We understand that Priya’s family is exploring relevant options. The government is extending all possible help in the matter,” he said.
Nimisha Priya, who has been in Yemeni custody since 2017, was convicted of killing Mahdi in 2018 after a trial in Yemen. Despite the sentence, her family has been fighting tirelessly for her release.
Mumbai air pollution: BMC issues new guidelines, calls for strict adherence
Mumbai’s civic body has issued fresh guidelines to curb air pollution, particularly due to construction-related and road dust.
In a release, the Brihanmumbai Municipal Corporation instructed its solid waste department officials to strictly follow the guidelines, which come in response to growing concerns over deteriorating air quality in the Mumbai Metropolitan Region.
The fresh measures include prohibiting the use of wood or similar materials as fuel for cooking and the lighting of bonfires at construction sites, the release said.
SC to Punjab govt: Time till Jan 2 to provide medical aid to fasting farmer Dallewal
The Supreme Court on Tuesday (December 31) granted time to the Punjab government to comply with its December 20 order to provide medical aid to farmer leader Jagjit Singh Dallewal, who has been on a fast-unto-death since November 26.
A vacation bench of Justices Surya Kant and Sudhanshu Dhulia posted the matter for hearing on January 2.
A team of the Punjab government officials on December 29 attempted to persuade the septuagenarian to take medical aid, but he declined it, fearing the use of force to oust him from the protest site.
The farmers have been protesting at the Punjab-Haryana border at Khanauri to press the Centre for several demands, including a legal guarantee to a minimum support price for crops.
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