As consolidation continues, Indian stock markets opened flat, but given today's expiration date, there may be some volatility.
December 12, Mumbai (Maharashtra) [India] (ANI): As consolidation continues, Indian stock markets opened flat, but given today's expiration date, there may be some volatility.The BSE Sensex index opened at 81,476.76 points, down 49 points, or 0.06 percent, while the Nifty 50 index opened at 24,604.45 points, down 37.35 points, or 0.15 percent.
Experts pointed out that although the consolidation is still ongoing, the Indian markets may experience some volatility today due to the F&O segment's expiry. The likelihood of a Fed rate cut is virtually certain if US CPI inflation turns out as predicted.
The Indian markets are stabilizing inside a narrow range, according to banking and market expert Ajay Bagga. On the heels of the expiry, expect some volatility. The inflation report today, which is anticipated to reveal a monthly decline in the CPI index, will be the next catalyst for Indian markets now that the Fed rate cut is all but finalized. We still believe in consolidation followed by a year-end increase.
Additionally, he emphasized that the US central bank was in focus when the US CPI came in as expected, which helped the US markets and increased the likelihood of a Fed rate decrease to about 98%.
At the time this report was filed, 23 stocks in the Nifty 50 list had increased, while 27 had decreased. Tech Mahindra, Bharti Airtel, TCS, and Wipro are the top Nifty 50 openers, while Apollo Hospital, SBI Life, BPCL, Trent, and Titan are the top losers.
While other sectoral indexes saw declines, the Nifty Bank, Nifty IT, Nifty Metal, Nifty Pharma, and Nifty Healthcare indices saw gains.
"The Nifty is still indecisive because the resistance level at 24700 has remained steady. There is still a good chance of an upside breakout that targets the 24800–25000 obstacle zone because the market has created a short-term "pennant" with the highs decreasing and the lows increasing.For this view to materialize, support near 24500 should hold, according to Akshay Chinchalkar, Head of Research at Axis Securities.
Additionally, he emphasized that the US central bank was in focus when the US CPI came in as expected, which helped the US markets and increased the likelihood of a Fed rate decrease to about 98%.
At the time this report was filed, 23 stocks in the Nifty 50 list had increased, while 27 had decreased. Tech Mahindra, Bharti Airtel, TCS, and Wipro are the top Nifty 50 openers, while Apollo Hospital, SBI Life, BPCL, Trent, and Titan are the top losers.
While other sectoral indexes saw declines, the Nifty Bank, Nifty IT, Nifty Metal, Nifty Pharma, and Nifty Healthcare indices saw gains.
"The Nifty is still indecisive because the resistance level at 24700 has remained steady. There is still a good chance of an upside breakout that targets the 24800–25000 obstacle zone because the market has created a short-term "pennant" with the highs decreasing and the lows increasing.For this view to materialize, support near 24500 should hold, according to Akshay Chinchalkar, Head of Research at Axis Securities.
On Wednesday, DIIs purchased stocks worth ₹2,000 crore, while foreign investors sold stocks worth ₹1,012 crore.
Other Asian markets surged as well, with South Korea's market continuing to rebound from the recent political unrest, rising 0.35 percent, Taiwan's Weighted Index rising 0.93 percent, Hong Kong's Hang Seng rising 0.68 percent, and Japan's Nikkei 225 index rising more than 1.28 percent.
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