Mumbai (Maharashtra) [India], December 12 (ANI): Indian stock markets opened flat as consolidation continues; nonetheless, with the expiry date at present, the markets could face some volatility.
The Nifty 50 index opened at 24,604.45 factors with a dip of 37.35 factors or 0.15 per cent, whereas the BSE Sensex index was down by 49 factors or 0.06 per cent, opening at 81,476.76 factors.
Experts highlighted that attributable to expiry in FO section at present, the Indian markets could face some volatility, however the consolidation continues. With US CPI inflation coming as per estimates, the Fed fee reduce chances are high virtually fastened.
Ajay Bagga, Banking and Market Expert acknowledged that “The Indian markets are consolidating in a tight range. Expect some volatility on the back of the expiry. With the Fed rate cut more or less a done deal, the next catalysts for Indian markets will be the inflation data today which is expected to show a drop in the CPI index month on month. Consolidation and then a year end rise remain our thesis”.
He additionally highlighted that the US central financial institution in Focus after US CPI got here in as per estimates, boosting the US markets and elevating the likelihood of a Fed fee reduce to 98 per cent plus.
In the Nifty 50 listing, 23 shares gained whereas 27 declined on the time of submitting this report. The high openers of Nifty 50 embrace Tech Mahindra, Bharti Airtel, TCS, and Wipro, whereas the highest losers embrace Apollo Hospital, SBI Life, BPCL, Trent, and Titan.
In the sectoral indices, Nifty Bank, Nifty IT, Nifty Metal, Nifty Pharma, and Nifty Healthcare indices gained, whereas different indices declined.
“Indecision on the Nifty continues to prevail as resistance at 24700 has held strong. The market has formed a short-term “pennant” with the highs falling and the lows rising, which means the potential for an upside breakout that targets the 24800 – 25000 hurdle zone remains high. Support at 24500 should hold for this view to pan out” stated Akshay Chinchalkar, Head of Research, Axis Securities.
Foreign traders offered equities value Rs 1,012 crore on Wednesday, whereas DIIs purchased equities value Rs 2,000 crore.
Other Asian markets additionally rallied, with Japan’s Nikkei 225 index surging greater than 1.28 per cent, Taiwan’s Weighted Index up by 0.93 per cent, Hong Kong’s Hang Seng gaining 0.68 per cent, and South Korea’s market persevering with to get well after the current political instability, gaining 0.35 per cent.
Brent Crude was buying and selling at USD 73.66 on the time of submitting this report, with a marginal acquire. (ANI)