Stock Market Today: Nifty 50, Sensex snap 7-day winning streak; mid, smallcaps outperform; RBI MPC outcome in focus | Mint
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Business News/ Markets / Stock Markets/  Stock Market Today: Nifty 50, Sensex snap 7-day winning streak; mid, smallcaps outperform; RBI MPC outcome in focus
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Stock Market Today: Nifty 50, Sensex snap 7-day winning streak; mid, smallcaps outperform; RBI MPC outcome in focus

Nifty 50 closed the day at 20,901.15, down 37 points, or 0.17 per cent while the Sensex ended 132 points, or 0.19 per cent, lower at 69,521.69.

Mid and smallcap indices outperformed the benchmarks significantly. (Agencies)Premium
Mid and smallcap indices outperformed the benchmarks significantly. (Agencies)

Domestic equity benchmarks the Nifty 50 and the Sensex snapped their seven-day winning streak on Thursday, December 7, on profit booking in select heavyweights amid weak global cues.

Experts expected the market to consolidate after the steep rise in the last seven sessions on strong GDP numbers and BJP's win in Madhya Pradesh, Rajasthan and Chhattisgarh assembly elections.

Now the market focus has shifted to the monetary policy outcomes of the Reserve Bank of India (RBI) and the US Fed.

The three-day policy meeting of the Reserve Bank of India's Monetary Policy Committee (MPC) is underway and its outcome is due on Friday, December 8. The US Federal Reserve is set to announce its policy outcome next week on Wednesday, December 13.

Also Read: US Fed, RBI gear up for their last policy meet of the year; will a pause continue? When to expect rate cuts?

Nifty 50 today opened at 20,932.40 against the previous close of 20,937.70 and touched its intraday high and low of 20,941.25 and 20,850.80 respectively. The index finally closed the day at 20,901.15, down 37 points, or 0.17 per cent.

On the other hand, the Sensex opened at 69,694.15 against the previous close of 69,653.73 and touched its intraday high and low of 69,695.33 and 69,320.53 respectively. The 30-share index ended 132 points, or 0.19 per cent, lower at 69,521.69.

Shares of Bharti Airtel, ITC and Hindustan Unilever were the top drags on the Sensex.

Mid and smallcap indices outperformed the benchmarks significantly.

The BSE Midcap index closed with a gain of 0.66 per cent at 35,347.59 after hitting its fresh record high of 35,371.44 during the session.

The Smallcap index ended the day 0.28 per cent higher at 41,287.95 after hitting its fresh record high of 41,369.78 during the day.

Nearly 340 stocks, including Larsen & Toubro, Maruti Suzuki, Bajaj Finserv, Nestle, Power Grid Corporation, Titan and Tata Motors, hit their fresh 52-week highs in intraday trade on the BSE.

Also Read: Crude oil prices decline: How it will impact the equity market, reasons for the fall, sectors to be affected and more

Top Nifty 50 Gainers Today

Some 27 stocks ended higher while the remaining 23 suffered losses in the Nifty 50 index today.

Shares of Adani Ports (up 2.56 per cent), Power Grid Corporation (up 2.38 per cent) and UltraTech Cement (up 1.82 per cent) closed as the top gainers in the Nifty 50 index.

Top Nifty 50 Laggards Today

Shares of Bharti Airtel (down 2.39 per cent), Hindustan Unilever (down 1.77 per cent) and Apollo Hospitals (down 1.55 per cent) closed as the top laggards in the Nifty 50 pack.

Also Read: ICICI Bank, SBI, Maruti among top 16 picks by Axis Securities. Rolls over base case Nifty target to Dec’24 at 23000

Sectoral Indices Today

With a gain of 1.03 per cent, Nifty Consumer Durables closed as the top gainer among sectoral indices, followed by Nifty Media which rose 0.92 per cent and Nifty Pharma which gained 0.77 per cent.

On the flip side, Nifty FMCG (down 0.90 per cent) ended as the top loser among sectoral indices. Nifty Metal (down 0.75 per cent) also suffered a significant loss.

Nifty Bank closed flat at 46,841.40.

Experts' View on Markets

"The market took a breather, the investors are in a wait-and-watch mode ahead of the monetary policy announcement. A better-than-estimated Q2 GDP growth, ease in global oil prices and drop in global bond yield will be the silver lining for the MPC. However, the expectation of a rise in domestic November inflation, drop in Rabi cultivation and increase in foodgrain prices will influence RBI to adopt a cautious approach in the short-term," said Vinod Nair, Head of Research at Geojit Financial Services.

"The overbought reading in the index may result in further consolidation, however, the bias would remain on the positive side. We suggest maintaining focus on stock selection and using intermediate dips to gradually add quality names. Apart from the domestic factors, traders should keep a close eye on the performance of the US markets for cues," said Ajit Mishra, SVP - Technical Research, Religare Broking.

Technical Views on Nifty 50

"The Nifty remained sideways during the session, hovering within the bands of 20,850-20,950. Sentiment remains somewhat cautious ahead of the RBI policy meet. The near-term trend remains sideways to weak as long as it stays below 21,000, a psychologically crucial level. A decisive breakout above 21,000 might induce a resumption of the uptrend. Until then, we anticipate weakness over the near term," said Rupak De, Senior Technical analyst at LKP Securities.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 07 Dec 2023, 03:31 PM IST
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