Indian benchmark indices BSE Sensex and NSE's Nifty 50 ended little changed on the last day of the year as global markets advanced following progress in Us-China trade negotiations, according to LiveMint.
The BSE Sensex closed at 36,068.33, down 8.39 points or 0.02 per cent and the Nifty 50 ended at 10,861.50, up 1.60 points or 0.01 per cent.
Equities gained in Hong Kong and Australia, along with US stocks futures after Donald Trump said in a tweet that negotiations were "moving along very well" toward a comprehensive deal and Chinese state media cited President Xi Jinping as saying he believed both sides wanted "stable progress."
Oil prices edged higher but remain on track for the first yearly decline in three years amid concerns of a supply glut.
Oil prices climbed on the final trading day of the year on Monday, mirroring gains in stock markets, but were on track for the first yearly decline in three years amid lingering concerns of a persistent supply glut.
"Consolidation in oil prices and strong rupee will provide stability in the macros which will provide confidence for investors. However, developments like farm loan waiver and cut in GST rates will have a negative impact on the market," said Vinod Nair, head of research, Geojit Financial Services. He expects the Nifty to likely trade in range 10,500-11,000.
"After a highly volatile December expiry, the focus will shift on macroeconomic data and developments in the winter session of parliament which ends on January 8, 2019.
Market participants will look forward to auto sales numbers for the month of December 2018 next week as that will be a key indicator of an economic slowdown. Monthly sales numbers will also be crucial because of the tepid festive season for four-wheeler industry," said Rahul Sharma, senior research analyst, Equity99.
Sharma further added, "Nifty futures which closed at 10907.75 on Friday is expected to move above its near resistance of 10933 next week and is expected to trade in the range of 10835-11030 levels. A close above 11030 can see further upswing of 125-150 points and a close below 10830 can witness sharp correction of 250-300 points towards its last week lows of 10530 levels."
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