Stock Market Highlights Today

Stock Market Highlights Today: Sensex & Nifty Open with Marginal Gains

VoM News Desk | December 11, 2023 | 10:18 AM IST | Breaking News | Follow on Google News

Stock Market Highlights Today

Stock Market Highlights Today: Sensex & Nifty Open with Marginal Gains

Sensex commenced at 70,043.44, up 217 points, while Nifty opened at 20,980.10, showing a 0.05% gain. Investors anticipate global trends and macroeconomic data alongside the US Federal Reserve policy meeting, influencing this week’s market movements.

Upcoming Focus

The week is expected to revolve around crucial data releases, particularly inflation figures from India and the US. Indian inflation is foreseen to rise, whereas stability is projected for US figures. The spotlight also falls on anticipated growth in Indian industrial and manufacturing production.

Previous Week’s Performance

Last week, benchmark indices witnessed a sixth consecutive week of gains, marking their best weekly run in three years. This positivity stemmed from the RBI’s Monetary Policy announcement, resulting in a revised upward GDP forecast. Both Nifty and Sensex soared, reaching new milestones.

Asian Market Trends

Asian stock markets opened on a decline ahead of a significant week featuring multiple central bank meetings and the US inflation data release, influencing market expectations for potential rate cuts.

Recent Market Developments

INOX India IPO

INOX India announced its IPO price band at ₹627-660 per share, with the subscription period scheduled from December 14 to 18. The IPO’s price-to-earnings ratio ranges from 37.25 to 39.22 times, based on FY2023 diluted EPS, offering lots of 22 shares for bidding.

FPIs’ Shift in Banking Sector

Foreign portfolio investors have shifted to a bullish stance on the banking sector, after previously offloading bank stocks for over two months. They’ve now exhibited a preference for cash stocks and futures contracts in December, particularly favoring financial stocks over other large-cap categories.

Market Outlook

According to Vaishali Parekh, VP of Technical Research at Prabhudas Lilladher, Nifty’s breach above the 21,000 mark suggests a potential upward trend. She suggests three intraday stocks—Bharat Forge, Infosys, and Century Plyboards—for today’s trading.

The market outlook remains cautiously optimistic, focusing on global cues, upcoming data releases, and investor sentiment, impacting the week’s trading sessions.

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VoM News Desk

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