Stock market today: Nifty 50 snaps three-day losing run; US inflation data eyed | Stock Market News

Stock market today: Thanks to gains in shares of select heavyweights, including Infosys and Bajaj Finance, Indian stock market benchmark Nifty 50 snapped its three-day losing run to end in the green with mild gains on Wednesday, December 11.

While the Indian stock market ended in the green, it traded choppy today and slipped into negative territory more than once during the session.

The Sensex opened at 81,568.39 against its previous close of 81,510.05 and touched intraday highs and lows of 81,742.37 and 81,383.42, respectively, swinging 359 points intraday. The 30-share pack finally closed with a nominal gain of 16 points, or 0.02 per cent, at 81,526.14.

The Nifty 50 opened at 24,620.50 against its previous close of 24,610.05 and touched its intraday high and low of 24,691.75 and 24,583.85, respectively. The index settled at 24,641.80, up 32 points, or 0.13 per cent.

Shares of Trent, Bajaj Finance and Britannia Industries ended as the top gainers in the index, with each rising over 2 per cent.

Mid and small-caps continued their outperformance. The BSE Midcap index rose 0.25 per cent, while the Smallcap index climbed 0.35 per cent.

“The Indian market exhibited subtle movements, reflecting mixed sentiments prevailing in global markets ahead of the US CPI inflation data release, which could influence the Fed policy. The US dollar strengthened, while bond yields saw a marginal uptick. Defensive sectors, including FMCG and pharmaceuticals, experienced an uptick. Additionally, the metals sector saw gains driven by optimism surrounding potential stimulus measures from China,” Vinod Nair, Head of Research, Geojit Financial Services.

Sectoral indices today

Among the sectoral indices, Nifty Bank fell in the red while the PSU Bank index declined almost 1 per cent.

Nifty PSU Bank lost almost 1 per cent, ending as the top loser among sectoral indices. Nifty Media, Nifty Bank and Nifty Private Bank indices also ended in the red, falling up to half a per cent.

On the other hand, Nifty Consumer Durables, FMCG, IT and Auto indices rose up to half a per cent.

The Indian stock market has been rangebound in the last few days amid a lack of fresh triggers and caution ahead of US inflation data and US Fed monetary policy decision.

The US Consumer Price Index (CPI) data is due later in the day, while the Producer Price Index (PPI) data is due on Thursday. Experts expect the November CPI to come at 2.7 per cent against 2.6 per cent recorded in the previous month. November PPI may come at 2.5 per cent compared to 2.4 per cent in October.

The meeting of the US Federal Open Market Committee (FOMC) is scheduled for December 17-18. Market participants expect a 25 bps rate cut on December 18.

Experts appear positive about the Indian market’s medium-term prospects amid expectations of earnings recovery, valuation comfort, and further rate cuts.

However, they expect the market to remain volatile in the near term due to geopolitical developments, stretched valuation and caution ahead of the Union Budget 2025.

Experts suggest buying quality stocks on dips at the current juncture.

The markets remained range-bound for the fourth consecutive session, closing with minimal change. We anticipate the consolidation phase to conclude soon, with the Nifty likely to surpass the 24,800 resistance level. While sectoral participation remains selective, the banking and IT sectors are expected to play a pivotal role in driving the next leg of the rally. Meanwhile, traders are advised to maintain a ‘buy on dips’ strategy, focusing on prudent stock selection,” said Ajit Mishra, SVP-Research, Religare Broking.

Technical indicators are giving mixed signals at this juncture.

Shrikant Chouhan, the head of equity research at Kotak Securities, believes the current market texture is non-directional.

“Traders are perhaps waiting for a breakout in either direction. On the upside, if the market breaks above 24,700/81700, it could rise to 24,800-24,825/82000-82200. Conversely, a decline below 24,500/81000 might increase selling pressure. Below the same, it could retest the levels of 24,400-24,350/80700-80500,” said Chouhan.

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