Indian Stock Market Opens Lower with Broad-Based Selling Pressure
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Mumbai, Dec 13 (NationPress) The Indian stock market commenced trading in the negative territory on Friday as broad-based selling impacted all sectors within Nifty during the early trading session.
At approximately 9:29 am, the Sensex was recorded at 80,840.9, reflecting a decline of 449.02 points or 0.55 percent, while the Nifty index stood at 24,421.15, down by 127.55 points or 0.52 percent.
The overall market sentiment remained pessimistic. On the National Stock Exchange (NSE), 559 stocks were in the green, whereas 1,657 stocks were in the red.
Market analysts noted, “The November CPI inflation at 5.48 percent has fallen within the RBI’s tolerance limit. If this trend persists, it could lead to a potential rate cut by the monetary policy committee (MPC) in February.”
“Nevertheless, the rising dollar poses a significant risk as it may trigger imported inflation. Nifty is expected to remain within the range of 24,500-24,850,” they added.
The Nifty Bank index fell by 40.95 points or 0.08 percent, settling at 53,175.50. The Nifty Midcap 100 index was at 58,706.85, down 314.85 points or 0.53 percent. Meanwhile, the Nifty Smallcap 100 index recorded a value of 19,336.50, which is 130.05 points or 0.67 percent lower.
According to Akshay Chinchalkar from Axis Securities, Thursday marked another day of decline for the Nifty, which struggled to surpass a crucial near-term resistance level around 24,700.
“The drop observed yesterday saw greater participation compared to prior days, indicating heightened market anxiety,” he remarked.
Within the Sensex grouping, top gainers included Power Grid, Bharti Airtel, Adani Ports, Sun Pharma, NTPC, and Tata Motors. Conversely, major losers featured JSW Steel, Tata Steel, Infosys, M&M, Titan, UltraTech Cement, Bajaj Finance, and L&T.
In Asian markets, with the exception of Seoul, indices in Hong Kong, Bangkok, China, Jakarta, and Japan were trading lower.
In the United States, the S&P 500 and Nasdaq Composite closed down by 0.54 percent and 0.66 percent, respectively. The Dow Jones Industrial Average also finished 0.53 percent lower on the previous trading day.
As for foreign institutional investors (FIIs), they divested equities worth Rs 3,560.01 crore in the Indian market on December 12, while domestic institutional investors purchased equities totaling Rs 2,646.65 crore on the same day.
