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Stock Market Updates: Benchmark indices were trading lower in the pre-opening session.
Stock Market Updates Today: Check Sensex, Nifty Latest Movements On December 16
Stock Market Updates: The Indian equity market opened on a subdued note on December 16, with benchmark indices trading in negative territory during the pre-opening session. Benchmarks traded in the red on Monday, dragged down by losses in key financial and information technology stocks.
Benchmark indices declined in early trade in line with weak global cues and caution ahead of the WPI inflation data to be announced later in the day.
Investors will focus on the US Federal Reserve’s monetary policy decision on Wednesday, particularly the outlook for rate cuts in the coming year.
The 30-share BSE benchmark Sensex declined over 500 points to 81,584 around 12.20 pm. The NSE Nifty was trading at 24,607.95 points.
From the 30-share Sensex blue-chip pack, JSW Steel, Titan, Bharti Airtel, Nestle, Mahindra & Mahindra, Tata Consultancy Services, NTPC and Sun Pharma were the biggest laggards.
ITC, Reliance Industries, UltraTech Cement, Bajaj Finance, IndusInd Bank and Asian Paints were the gainers.
India’s wholesale inflation eased to 1.9 percent in November, down from 2.4 percent the previous month, as food prices cooled off, according to government data released on December 16. Additionally, consumer inflation dropped to 5.5 percent in November, down from a 14-month high of 6.2 percent in the previous month, driven by cheaper vegetable prices. This easing of inflation is expected to have a positive impact on the stock market, potentially boosting investor sentiment as it signals lower pressure on consumer spending and economic stability.
In Asian markets, Seoul, Tokyo and Hong Kong were trading lower while Shanghai quoted in the green.
Wall Street ended mostly lower on Friday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,335.32 crore on Friday, according to exchange data.
Global oil benchmark Brent crude dipped 0.31 per cent to USD 74.26 a barrel.
The rupee fell 3 paise to 84.83 against the US dollar in early trade on Monday, dragged down by a muted trend in domestic equities and elevated crude oil prices.
Forex traders said the rupee remains in a weakening mode due to dollar demand from importers and foreign banks.
At the interbank foreign exchange, the rupee opened at 84.83 against the greenback, registering a fall of 3 paise over its previous close.