Global Rally Supports Indian Equities; Nasdaq scores

Mumbai: The Indian stock market started on a positive note ahead of the release of the Consumer Price Index (CPI) data on Thursday. Despite the early uptick, sectors such as PSU banks and Nifty Auto faced selling pressure. By 9:30 am, the Sensex rose by 106.93 points (0.13%) to reach 81,633.07, while the Nifty increased by 16.45 points (0.07%) to trade at 24,658.25.

Market Overview

• The market’s upward trajectory persisted with 1,124 stocks in the green and 1,065 stocks in the red on the National Stock Exchange (NSE).
• Notable performers among the Sensex pack included:
  • Tech Mahindra
  • Bharti Airtel
  • TCS
  • Infosys
  • M&M
  • HCL Tech
  • Axis Bank
  • SBI

  Underperformers were:

  • Titan
  • Tata Motors
  • Asian Paints
  • Larsen & Toubro (L&T)
  • Tata Steel
  • Bajaj Finance

Sectoral Performance

• Nifty Bank added 65.80 points (0.12%) to trade at 53,457.15.
• Nifty Midcap 100 rose by 88.45 points (0.15%) to reach 59,381.40.
• Nifty Smallcap 100 climbed by 47.25 points (0.24%) to close at 19,704.60.

Global Cues

• Most Asian markets, except Jakarta, were trading in the green, including Hong Kong, Bangkok, China, Seoul, and Japan.
• In the US, the Nasdaq Composite surged by 1.77%, and the S&P 500 gained 0.82%. However, the Dow Jones Industrial Average saw a slight decline of 0.22% in the previous session.

Institutional Investments

• On December 11:
  • Domestic Institutional Investors (DIIs) made net purchases worth Rs 2,007.85 crore.
  • Foreign Institutional Investors (FIIs) registered net sales amounting to Rs 1,012.24 crore.

Analyst Insights

Market analysts anticipate a continuation of range-bound consolidation amid strong global cues. The US market’s bullish momentum, driven by tech giants referred to as the “Magnificent Seven,” has bolstered sentiment globally. The S&P 500 and Nasdaq’s positive close indicates ongoing strength in international markets.

The Indian stock market’s performance is expected to remain cautious yet resilient, with attention focused on upcoming CPI data and global market trends.