Market Performance: Key Numbers
The Indian stock market opened weak on December 17, weighed down by financials and oil & gas stocks. Investor sentiment remains cautious ahead of the U.S. Federal Reserve’s policy meeting set for December 17-18.
At 9:45 AM,
- Sensex fell 396 points (0.5%) to 81,352
- Nifty dropped 123 points (0.50%) to 24,544
- India VIX rose 4% to 14.5, indicating higher market volatility.
Market breadth:
- 1,655 shares advanced
- 1,515 shares declined
- 105 shares remained unchanged
Sectoral Performance
Biggest Losers:
- Financial stocks: HDFC Bank, ICICI Bank, and Shriram Finance dropped 0.5%-2.5%.
- Oil & gas stocks: RIL, ONGC, and BPCL declined 0.5%-1%.
Top Gainers:
- Piramal Pharma gained 3% after JM Financial issued a ‘Buy’ recommendation.
Expert Insights: Market Outlook
Vinit Bolinjkar, Head of Research at Ventura Securities:
- Markets may remain subdued until year-end due to the holiday season.
- India’s declining inflation is a positive signal, increasing the chances of an RBI rate cut in coming months.
Hardik Matalia, Derivative Analyst at Choice Broking:
- Resistance levels: 24,800 and 25,000
- Support levels: 24,550 and 24,400
- Trading Strategy: Adopt a buy-on-dips approach with a stop-loss at 24,200.
Global Markets Impact
- The Nasdaq hit a record high, while the S&P 500 gained as investors awaited the Fed policy outcome.
- Asia-Pacific markets traded mixed, following Wall Street trends.
Upcoming Global Events to Watch:
- U.S. Fed policy meeting – December 18
- Bank of Japan policy review – December 19
- China loan prime rate announcement – December 20
Conclusion
With the Fed meeting outcome and global uncertainties dominating investor sentiment, the Indian markets are likely to stay range-bound. Key upcoming events, including the Q3 FY25 earnings season and the Union Budget, will play a major role in shaping market trends. Traders are advised to stay cautious, track critical levels, and manage risk effectively.
