India’s benchmark index closed lower in volatility on the final trading day of the 2022 calendar year. The BSE Sensex shed 293.14 points or 0.48% to end at 60,840.74, while the Nifty shed 85.70 points or 0.47% to end at 18,105.30.

For the week, the BSE Sensex and Nifty both gained 1.6%. This year, however, the benchmarks are each up more than 4% before posting a negative return (-3.5%) in December 2022.

The market opened the January series positively on the back of positive signals globally while witnessing mid-session profit-taking. However, persistent selling in the final hour of trading erased all the intraday gains to close near the day’s lows.

SBI Life Insurance, Bharti Airtel, Eicher Motors, ICICI Bank and Grasim Industries were the biggest Nifty losers. Instead, Bajaj Finserv, Titan Company, ONGC, Coal India and Bajaj Auto topped the list of winners.

Among sectors, the Nifty Bank and FMCG indices both fell 0.5%, while the PSU banks index rose 1.5% and the metals index rose 0.5%.

The broader index outperformed the benchmark, with the BSE midcap index up 0.37% and the small-cap index up 0.76%.

On the BSE, the Banks, FMCG and Electricity Index fell 0.4-0.6%, the Property Index gained 0.78%, and the Metals Index rose 0.38%.

Canara Bank, Manappuram Finance and IDFC saw long-term gains, while SBI Life Insurance, Abbott India and Grasim Industries saw short-term gains.

More than 100 stocks hit new 52-week highs on the BSE, including Canara Bank, REC, Skipper, Apollo Micro Systems, RBL Bank, Mold-Tek Technologies and Jindal Steel & Power.