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Business News/ Markets / Stock Markets/  Stock market today: Sensex, Nifty 50 end in green led by realty, auto, pharma stocks; Focus on US Fed meet
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Stock market today: Sensex, Nifty 50 end in green led by realty, auto, pharma stocks; Focus on US Fed meet

The domestic benchmark indices, the Sensex and the Nifty 50, ended in green on Wednesday's trading session led by auto and pharma stocks.

The share sales sailed through despite choppy stock markets this week. The BSE Sensex is down 3% since Monday.mint (MINT_PRINT)Premium
The share sales sailed through despite choppy stock markets this week. The BSE Sensex is down 3% since Monday.mint (MINT_PRINT)

The domestic benchmark indices, the Sensex and the Nifty 50, ended in green on Wednesday's trading session led by auto, pharma, realty and metal stocks. 

The 30-share BSE Sensex ended higher by 33.57 points or 0.05% at 69,584.60 level while the Nifty 50 closed at 20,926.35 level, up 19.95 points or 0.1%.

Following data revealing a surprise increase in the Consumer Price Index (CPI) in November on a month-over-month basis, shares of IT companies, which are heavily dependent on US revenue, declined on Wednesday's trading session. The Fed's potential to cut rates in the first half of 2024 appeared unlikely given the data, believes analysts.

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According to Labour Department data released on Tuesday, the consumer price index—a widely watched indicator of inflation—rose 0.1% in November and was 3.1% higher than a year earlier, as per reports.

On the broader market front, the Nifty Midcap 100 closed 0.88% higher, and the Nifty SmallCap 100 closed 0.87% higher.

Global stocks were mixed on Wednesday ahead of the US Federal Reserve's interest rate decision, according to an AP news report. Following a mixed session in Asia, European markets opened higher. As oil prices declined, US futures slightly increased.

Also Read: US Fed meet outcome today: What will the market look for?

The Shanghai Composite index fell 1.2% to 2,968.76, while the Hang Seng in Hong Kong fell 0.9% to 16,228.75. The Kospi of South Korea dropped 1% to 2,510.66. In Australia, the S&P/ASX 200 was up 0.3% at 7,257.80. Bangkok's SET dropped 1.3% while Taiwan's Taiex increased by 0.1%.

"India's domestic industrial production and manufacturing PMI exceeded expectations, a clear reflection of the continuation of economic growth in H2FY24. However, a simultaneous challenge emerges as retail inflation stands at 5.5%, still much above the RBI's 4% target. 

This inflationary pressure, driven by high food inflation and the looming spectre of El Niño, is poised to persist. The market's focus now shifts to the upcoming FOMC meeting. And the recent global upside is getting far stretched in anticipation of a rapid fall in US Fed rate in CY2024," said Vinod Nair, Head of Research at Geojit Financial Services.

Also Read: SpiceJet shares close to 52-week high after allotment of preferential issue. Buy, sell or hold?

Top Nifty 50 gainers and  losers today

As many as 31 stocks settled in the green in the Nifty 50 index while the rest 19 ended in red.

Shares of NTPC Ltd (up 3.78%), Adani Ports and Special Economic Zone Ltd (up 3.08%), Hero MotoCorp Ltd (up 2.88%), Power Grid Corporation of Ltd (up 2.31%) and Eicher Motors Ltd (up 2.13%) ended as top gainers. On the other side, TCS Ltd (down 2.05%), Infosys Ltd (down 1.77%), HDFC Life Insurance Co Ltd (down 1.32 %), Axis Bank Ltd (down 1.25%), and UltraTech Cement Ltd (down 1.16%) were among the laggards.

Also Read: UltraTech Cement share price crosses 10,000 mark, up 40% this year; should you buy?

Sectoral indices today

Amongst sectoral indices, Nifty Auto, Nifty Pharma, Nifty Realty, Nifty FMCG, and Nifty PSU Bank closed 0.72% to 1.61% higher. On the other side, Nifty IT (down 1.28%), and Nifty Oil & Gas (down 0.13%) closed in red.

Experts' Views on Markets

According to Osho Krishan, Sr. Analyst - Technical & Derivative Research, AngelOne, the Indian equity markets had a mild start, as suggested by the GIFT Nifty, but soon after the opening bell, the benchmark index Nifty 50 underwent steep profit booking and slipped towards 20,770. 

However, the bulls soon retaliated from the salient support zone and made a modest recovery throughout the latter half of the session. Amidst the tug of war, the Nifty 50 index eventually settled the volatile session on a subdued note, with a mere gain of 0.10 percent to settle a tad above the 20,900 level.

As indicated in the previous trading session, a bout of followed-up profit booking was expected, which indeed was seen in our market. However, being a robust undertone, the Bulls took this as an opportunity to have a strong resurgence and not only pared down the early losses but managed to settle higher. Technically, there have been insignificant alterations in the price chart, but with the ‘long-legged Doji’ formation, volatility is likely to inch higher in the near period. 

"On the levels front, as we allude in our previous commentary, 20,850-20,800, followed by 20,700 is likely to be seen as a strong demand zone, and till the market sustains above the same, dips are likely to favour bulls. On the higher end, 21,000 withholds a daunting task, followed by 21,100, which is the reciprocal Golden (161.8%) retracement of the recent fall.

As we advance, we maintain our positive stance with a ‘buy on dips’ approach in the current market conditions. Even though the indices might witness a range-bound move, there are still ample opportunities in the broader space, keeping the buzz for traders’ fraternity. Hence, it is advisable to have a stock-centric approach while staying vigilant regarding global developments," explained Osho.

Also Read: ICICI Direct picks IndusInd Bank as a 'High Conviction Idea' for December; here's why

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: 13 Dec 2023, 03:31 PM IST
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