Indian Stock Market Sees Slight Increase Ahead of CPI Release
Click to start listening
Mumbai, Dec 12 (NationPress) The Indian stock market registered a slight increase on Thursday as investors awaited the release of the consumer price index (CPI) data. During the initial trading hours, there was noticeable selling pressure in the auto and PSU bank sectors of Nifty.
At approximately 9:30 am, the Sensex was recorded at 81,633.07, reflecting a gain of 106.93 points or 0.13 percent. Meanwhile, the Nifty stood at 24,658.25, up by 16.45 points or 0.07 percent.
The market sentiment remained optimistic, with 1,124 stocks trading in the green on the National Stock Exchange (NSE), in contrast to 1,065 stocks that traded lower.
Market analysts suggested that, "The ongoing range-bound consolidation of the market is expected to persist. The bullish trend in the US market is robust, with the Nasdaq reaching a new high and closing above 20,000 yesterday."
They further noted, "The resilient performance of the ‘Magnificent Seven’ stocks continues despite their high valuations. The strength of the primary market, which signifies the sustained global market rally, also provides support to other markets."
The Nifty Bank index increased by 65.80 points or 0.12 percent to reach 53,457.15. The Nifty Midcap 100 index was at 59,381.40, up by 88.45 points or 0.15 percent. The Nifty Smallcap 100 index stood at 19,704.60, gaining 47.25 points or 0.24 percent.
Within the Sensex constituents, the leading gainers included Tech Mahindra, Bharti Airtel, TCS, Infosys, M&M, HCL Tech, Axis Bank, and SBI. Conversely, Titan, Tata Motors, Asian Paints, L&T, Tata Steel, and Bajaj Finance were noted as the main losers.
In the Asian markets, with the exception of Jakarta, stocks in Hong Kong, Bangkok, China, Seoul, and Japan were all trading higher.
In the US stock market, the S&P 500 and Nasdaq Composite closed up by 0.82 percent and 1.77 percent, respectively, while the Dow Jones Industrial Average fell by 0.22 percent compared to the previous trading day.
On December 11, foreign institutional investors (FIIs) sold off equities valued at Rs 1,012.24 crore, while domestic institutional investors purchased equities worth Rs 2,007.85 crore on the same day.
