Mumbai (Maharashtra) [India], December 16 (ANI): Indian stock markets began the contemporary week on a cautious notice on Monday, as each indices declined marginally throughout the opening session. The US Federal Reserve assembly is ready to start out on Tuesday, and markets across the globe predict a 25 foundation factors reduce.
The Nifty 50 index opened at 24,753.40 factors, with a decline of 14.90 factors or 0.06 p.c, whereas the BSE Sensex dipped by 132.81 factors or 0.16 p.c to open at 82,000.31 factors.
Experts famous that Indian markets will monitor the Fed fee reduce due this week. Expectations of a 25 bps reduce are very excessive. The markets are prone to stay in a consolidation section, however a year-end rally might acquire traction this week.
Ajay Bagga, Banking and Market Expert informed ANI, “This will be a week dominated by the US Fed’s last FOMC meet of the year. A rate cut of 25 basis points is a near certainty. The commentary will be watched closely for clues on the Fed rate cut momentum in 2025. January 2025 will bring President Trump’s policies to the centre of attention. Indian markets saw a sharp intraday bounce back on Friday after consolidating for a week. Given it’s a Fed policy week, we could see steady market action, but we are hopeful for a yearend rally gaining traction this week.”In the sectoral indices on the National Stock Exchange, a blended development was seen, with Nifty FMCG, Nifty Media, Nifty Metal, Nifty Pharma, Nifty PSU Bank, and Nifty Realty surging, whereas different sectors together with Nifty Bank and Nifty Auto declined on the time of submitting this report.
In the Nifty 50 record, 19 shares gained whereas 30 declined on the time of submitting this report. The high gainers of Nifty 50 included ITC, Cipla, LT, Reliance, and Adani Enterprises, whereas the highest losers included BPCL, JSW Steel, and Tech Mahindra.
“This objective remains valid as long as the market stays above 23,873, but more critical support now is the Friday low of 24,180. Seasonal patterns also support a bullish view, as the nifty has risen in the second fortnight of December 80% of the time in the last decade, with an average gain of 1.1,” stated Akshay Chinchalkar, Head of Research, Axis Securities.
In different Asian markets, a blended development was seen, with the Nikkei 225 index, Taiwan Weighted index, and South Korea’s KOSPI index surging marginally, whereas the Hang Seng index and Jakarta Composite declined on the time of submitting this report. (ANI)