Mumbai (Maharashtra) [India], December 16 (ANI): Indian stock markets started the fresh week on a cautious note on Monday, as both indices declined marginally during the opening session. The US Federal Reserve meeting is set to start on Tuesday, and markets around the globe are expecting a 25 basis points cut.
The Nifty 50 index opened at 24,753.40 points, with a decline of 14.90 points or 0.06 percent, while the BSE Sensex dipped by 132.81 points or 0.16 percent to open at 82,000.31 points.
Experts noted that Indian markets will monitor the Fed rate cut due this week. Expectations of a 25 bps cut are very high. The markets are likely to remain in a consolidation phase, but a year-end rally could gain traction this week.
Ajay Bagga, Banking and Market Expert told ANI, “This will be a week dominated by the US Fed’s last FOMC meet of the year. A rate cut of 25 basis points is a near certainty. The commentary will be watched closely for clues on the Fed rate cut momentum in 2025. January 2025 will bring President Trump’s policies to the centre of attention. Indian markets saw a sharp intraday bounce back on Friday after consolidating for a week. Given it’s a Fed policy week, we could see steady market action, but we are hopeful for a yearend rally gaining traction this week.”
In the sectoral indices on the National Stock Exchange, a mixed trend was visible, with Nifty FMCG, Nifty Media, Nifty Metal, Nifty Pharma, Nifty PSU Bank, and Nifty Realty surging, while other sectors including Nifty Bank and Nifty Auto declined at the time of filing this report.
In the Nifty 50 list, 19 shares gained while 30 declined at the time of filing this report. The top gainers of Nifty 50 included ITC, Cipla, L&T, Reliance, and Adani Enterprises, while the top losers included BPCL, JSW Steel, and Tech Mahindra.
“This objective remains valid as long as the market stays above 23,873, but more critical support now is the Friday low of 24,180. Seasonal patterns also support a bullish view, as the nifty has risen in the second fortnight of December 80% of the time in the last decade, with an average gain of 1.1,” said Akshay Chinchalkar, Head of Research, Axis Securities.
In other Asian markets, a mixed trend was visible, with the Nikkei 225 index, Taiwan Weighted index, and South Korea’s KOSPI index surging marginally, while the Hang Seng index and Jakarta Composite declined at the time of filing this report. (ANI)
