Thursday, December 21, 2023

India's Nifty set for muted open after steep drop Dec 21, 2023

 

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.

Reuters Graphics
Thomson ReutersIndia's Nifty 50 set to log second best month in 2023 in December

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.

Reuters Graphics
Thomson ReutersSmall-caps lead inflows in equity schemes for 14th month

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.

Reuters Graphics
Thomson ReutersIndia's Nifty 50 set to log second best month in 2023 in December

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.

Reuters Graphics
Thomson ReutersSmall-caps lead inflows in equity schemes for 14th month

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)

No comments:

NIFTY OVERVIEW

  📊 Nifty 50 Index Analysis (Short-Term) Based on the 1-minute chart provided, here is a detailed technical and fundamental view with targe...