Indian Stock Market Closes: Nifty and Sensex Closed Slightly Lower

Indian stock market

December 7, 2023

New Delhi, India

Stock Market Highlights

The Indian stock market experienced a day of fluctuation on December 7, bringing an end to a seven-day winning streak. In a session marked by volatility, key indices, namely the Sensex and Nifty, closed lower.

Indices Snap Winning Streak:

The Sensex closed down by 0.19 percent at 69,521.69, while the Nifty dropped 0.12 percent to settle at 20,912.15. This break in the winning streak was attributed to global market cues and market volatility.

Market Breadth and Top Gainers/Losers:

Market breadth indicated 1893 advancing, 1342 declining, and 81 unchanged stocks. Among the top Nifty losers were Bharti Airtel, HUL, ONGC, Apollo Hospitals, and Tata Steel. On the flip side, Power Grid Corporation, Adani Ports, UltraTech Cement, Cipla, and Grasim Industries emerged as the gainers.

Sectoral Performance:

The power index stole the spotlight by rising nearly 3 percent, while auto and healthcare sectors showed a 0.5 percent increase. Conversely, FMCG and Metal indices witnessed a decline of 0.5 percent each.

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Live Updates and Global Factors:

On December 6, both Sensex and Nifty were in the red. Paytm shares slumped, and block deals involving Bharti Airtel and IDFC First Bank garnered attention. The market took a breather amid weak global cues and selling by Foreign Institutional Investors (FIIs). However, the fall in oil prices was seen as a potential boost for paint stocks and oil marketing companies (OMCs).

Broader Markets Defy Trends:

While the benchmark indices faced a dip, broader markets defied this trend. Both the BSE Midcap and BSE Smallcap indices posted gains on December 7, outperforming the benchmarks.

Sectoral Trends and Global Influences:

Auto stocks rose notably, whereas the FMCG sector witnessed a decline. The market’s performance was influenced by global market cues and fluctuations in oil prices.

In conclusion, the Indian stock market exhibited a day of mixed trends, influenced by both global factors and sector-specific dynamics. Power stocks emerged as winners amid the overall volatility, while broader markets showcased resilience against the benchmark dip.

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