India's Nifty set for muted open after steep drop
India's Nifty 50 is set to open little changed on Thursday after profit booking on Wednesday led to its worst session in nine months, while a global stock market rally stalled.
India's GIFT Nifty (GIFc1) was trading at 21,143 as of 8:15 a.m. IST, indicating the NSE Nifty 50 
NIFTY is likely to open near its Wednesday close of 21,150.15.
In the previous session, the Nifty and BSE Sensex 
SENSEX
shed 1.41% and 1.30%, respectively, as selling pressure emerged across
public sector banks, information technology, energy and metal stocks
after a recent rally.
Despite the fall, however, the Nifty is still up 5.05% in December so far, and is likely to post its second-best month in 2023.
The small- 
CNXSMALLCAP and mid-caps CNXMIDCAP slipped 3.63% and 3.27% on Wednesday, posting their worst session in three months and 12 months, respectively.
The slide comes after a stark outperformance by small- and mid-caps over Nifty 50 in 2023, aided by higher domestic mutual fund inflows into these segments.
Analysts expect the markets to face further consolidation till the end of the year.
Asian shares opened lower after a drop in Wall Street equities overnight ahead of U.S. third quarter growth data on Thursday and a key inflation reading on Friday.
STOCKS TO WATCH:
** Cochin Shipyard 
COCHINSHIP:
Company signs a 4.88 billion rupees ($58.7 million) contract with
India's Ministry of Defence for short refit of Indian Naval ship.
** Mazagon Dock Shipbuilders 
MAZDOCK: Ministry of Defence signs 16.15 billion rupees contract with company for procuring patrol vessels for Indian Coast Guard.
** Zee Entertainment Enterprises 
ZEEL:
Company says it is in talks with Sony Group's India unit about
extending a merger deadline to create a $10 billion media and
entertainment entity.
** Astrazeneca Pharma India 
ASTRAZEN: Company will launch Enhertu, a drug used to treat adult patients with breast cancer, in January 2024 in India.
($1 = 83.1690 Indian rupees)
India's Nifty 50 is set to open little changed on Thursday after profit booking on Wednesday led to its worst session in nine months, while a global stock market rally stalled.
India's GIFT Nifty (GIFc1) was trading at 21,143 as of 8:15 a.m. IST, indicating the NSE Nifty 50 NIFTY is likely to open near its Wednesday close of 21,150.15.
In the previous session, the Nifty and BSE Sensex SENSEX
shed 1.41% and 1.30%, respectively, as selling pressure emerged across
public sector banks, information technology, energy and metal stocks
after a recent rally.
Despite the fall, however, the Nifty is still up 5.05% in December so far, and is likely to post its second-best month in 2023.
The small- CNXSMALLCAP and mid-caps CNXMIDCAP slipped 3.63% and 3.27% on Wednesday, posting their worst session in three months and 12 months, respectively.
The slide comes after a stark outperformance by small- and mid-caps over Nifty 50 in 2023, aided by higher domestic mutual fund inflows into these segments.
Analysts expect the markets to face further consolidation till the end of the year.
Asian shares opened lower after a drop in Wall Street equities overnight ahead of U.S. third quarter growth data on Thursday and a key inflation reading on Friday.
STOCKS TO WATCH:
** Cochin Shipyard COCHINSHIP:
Company signs a 4.88 billion rupees ($58.7 million) contract with
India's Ministry of Defence for short refit of Indian Naval ship.
** Mazagon Dock Shipbuilders MAZDOCK: Ministry of Defence signs 16.15 billion rupees contract with company for procuring patrol vessels for Indian Coast Guard.
** Zee Entertainment Enterprises ZEEL:
Company says it is in talks with Sony Group's India unit about
extending a merger deadline to create a $10 billion media and
entertainment entity.
** Astrazeneca Pharma India ASTRAZEN: Company will launch Enhertu, a drug used to treat adult patients with breast cancer, in January 2024 in India.
($1 = 83.1690 Indian rupees)
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