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Indian Stock Market Poised for a Subdued Opening

18 Dec 2023 , 08:55 AM

The benchmark Sensex and Nifty indices are anticipated to open with marginal gains on December 18, reflecting a subdued start as per the trends in the GIFT Nifty, which suggest a modest increase of 4 points.

On December 15, Dalal Street marked new milestones, sustaining the ongoing bull run as investors flocked to the stock market, buoyed by positive sentiments following the dovish stance adopted by the US Federal Reserve. The firming up of the rupee further contributed to the positive mood.

Closing at 71,483.75, the Sensex surged by 969.55 points, or 1.37%, while the Nifty gained 273.95 points, or 1.29%, concluding at 21,456.65. Market breadth favored gainers.

The Bank Nifty achieved a historic high, surpassing the 48,000 level for the first time. Nifty IT, representative of the IT sector and a significant contributor in recent days, reached a 20-month high.

Although broader market indices closed with gains, they underperformed compared to their larger counterparts. Nifty Smallcap rose by 0.71%, Nifty Midcap gained 0.11%, and Nifty 500, the most comprehensive index on NSE, advanced by 0.9%.

In Asian markets, a dip was observed at the beginning of the penultimate week of 2023 after a rally in most regional markets last week, following the US Federal Reserve’s decision to maintain rates and outline its roadmap for rate cuts in 2024 and 2025.

Japan’s Nikkei declined by 1.23%, and the Kospi index was down by 0.3%.

On the institutional front, foreign institutional investors (FIIs) net purchased shares worth Rs 9,239.42 crore, while domestic institutional investors (DIIs) sold stocks amounting to Rs 3,077.43 crore on December 15, according to provisional data from the National Stock Exchange (NSE).

Related Tags

  • BSE
  • nifty
  • NSE
  • sensex
  • stock market
  • stock market news
  • Stock Market Updates
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