December 13, 2023
New Delhi, India
In today’s market update, the Sensex and Nifty opened with a negative bias, influenced by global cues and profit-taking trends. Investors are closely monitoring the US Federal Reserve’s decision and recent economic data.
Global Influence and Profit-Taking: Global cues and profit-taking lead to a negative bias in benchmark indices. Mixed performances in Asian markets suggest investor anticipation of the final Federal Reserve decision.
Economic Data Impact: The Nifty and Sensex witnessed cuts as investors are awaiting the US Federal Reserve’s rate decision and economic data. India’s retail inflation rose to 5.55% in November, surpassing the RBI’s 4% target.
Currently both Sensex and Nifty are trading at 69,262.22 down −288.81 20,820.95 down −85.45
Positive Industrial Output: India’s industrial output surged to a 16-month high in October, driven by mining, manufacturing, and electricity sectors. The growth reflects positive momentum in the industrial landscape.
Pharma Sector Update: Laurus Labs faced a 2.7% decline after a US FDA inspection resulted in a Form 483 with five observations. This development adds a layer of caution in the pharmaceutical sector.
DOMS Industries IPO Success: DOMS Industries garnered ₹537.7 crore from anchor investors, including prominent names like Goldman Sachs. The IPO’s fixed price range is ₹750 to ₹790 per equity share.
IREDA Stock Soars, India Shelter Finance IPO Creates Buzz
Sector Performance and Stock Movements: The Nifty IT sector is down 0.7%, led by laggards Infosys and TCS, while the Nifty Auto sector sees positive movement. NTPC emerges as the biggest gainer, while TCS faces a notable decline.
Current Market Status: As of the latest update, Sensex is down 0.28%, Nifty 50 is down 0.27%, and Nifty Bank is down 0.28%. The Information Technology index is down 1%, indicating a varied market landscape.
Today’s market is shaped by global influences, economic data reactions, and specific company developments. The decline in IT sectors reflects cautious sentiment, while industrial output growth and IPO successes contribute to positive market dynamics.
Also Read: India’s Forex Reserves Soar Beyond $600 Billion Mark, Indicating Economic Resilience
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