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Indian stock market today traded in a narrow range with Sensex up 73 points and Nifty holding above 25,800 amid mixed global and domestic cues.
The IT stocks led gains on encouraging brokerage views, while auto and midcap stocks saw some selling pressure in the session.
FII buying after a long selling streak supported the market, along with steady banking stocks, even as it remained in consolidation mode.
The Indian stock market today showed mixed emotions. Benchmark indices were trading marginally higher during mid-day trade on Thursday, December 18. At press time, Sensex was trading 73 points or 0.09% higher at 84,633, while Nifty gained 28 points to 25,847. Let’s take an in-depth look at individual stocks based on Moneycontrol Live Updates.
IT stocks emerged as the biggest gainer, with BSE IT index surging by 1% and rising for the second straight day. TCS, Infosys, Wipro and Tech Mahindra shares rose.
HCL Technologies was also among the biggest IT gainers on the news of its strategic partnership deal with Netherlands-based ASN Bank. The partnership aims to support enterprise applications through the distributed delivery model.
The broader market, however, came under pressure as BSE Midcap index was down 0.2% and Smallcap index fell 0.4%. Selling pressure was noted in the auto sector as the Nifty Auto index fell close to 1%. Hero MotoCorp plummeted to its biggest single-day plunge in six weeks.
In the stock market today, the major gainers on Nifty 50 include Max Healthcare, Hindalco Industries, and TCS. Meanwhile, Sun Pharma, Tata Motors, M&M, Eicher Motors, and Bajaj Auto were among the losers.
Ola Electric shares slipped 4.5% to Rs. 31.42, a loss of almost 16% in three days. The dip came after Chief Executive Bhavish Aggarwal sold an additional 4.2 million shares, worth Rs 142 crore. In the last two sessions, he has sold over 1.5% stake, worth Rs 234 crore.
Banking stocks were resilient, as Nifty Bank index rose 0.33% after snapping a two-day slide. ICICI Bank, Axis Bank, and HDFC Bank were the biggest gainers in the banking sector.
Thestocks that reached their 52-week lows included Ola Electric at Rs. 33.40, followed by ACC (Rs. 1,762), Tejas Networks (Rs. 456.20), SJVN (Rs. 71.75), and Westlife Foodworld (Rs. 528.70).
Also Read: Stocks vs. Real Economy: Why Wall Street Keeps Winning
Many key announcements impacted the stock market today:
Cyient’s subsidiary signed an agreement to acquire more than 65% stake in Kinetic Technologies, a global leader in power management and analog ICs, for $ 93 million.
The subsidiary of Antony Waste Handling won two contracts worth Rs. 1,330 crore from the Brihanmumbai Municipal Corporation. The contracts are for the collection and transportation of municipal solid waste in Mumbai.
TCS drew an 'overweight' rating from Morgan Stanley with a target price of Rs 3,430. The brokerage indicated the strategic pivot by the company towards full-stack AI-led services.
Titagarh Rail Systems secured its first order worth Rs. 273 crore from Indian Railways for Rail Borne Maintenance Vehicles.
Paytm's arm received RBI approval to operate as a Payment Aggregator for physical payments offline and cross-border transactions.
Foreign Institutional Investors turned net buyers after 14 consecutive sessions of selling. On December 17, FIIs bought equities worth Rs. 1,172 crore. Domestic Institutional Investors, too, lapped up Rs. 769 crore worth of shares.
On December 17, SEBI announced a comprehensive overhaul of mutual fund regulations, approving amendments to the Total Expense Ratio framework. It excluded statutory levies for taxes like GST, STT, and stamp duty from TER calculations. SEBI also introduced more stringent caps on brokerage and distribution commissions.
Indian rupee was trading higher at 90.17 per dollar against the previous close of 90.37. Meanwhile, gold and silver continued their rally, with silver scaling fresh all-time highs supported by safe-haven buying and strong technical momentum.
Also Read: Stock Market Today: Sensex Slips 92 Points to 84,588, Nifty at 25,832; Hindustan Zinc Jumps 3%
Indian stock market today continues in its consolidation phase between 25,750 and 25,850 for Nifty. According to experts, the immediate key support level for Nifty rests at 25,700, while resistance could show up at 25,950-26,050. A buy-on-dips approach with prudent risk management is advised amidst ongoing global uncertainties and mixed domestic cues.
1. Why was the Indian stock market subdued today?
The market was muted as investors turned cautious amid a mixed sector performance and uncertainties over the global economic outlook. IT and banking stocks supported the market, while selling in autos and midcaps capped upside.
2. How were Sensex and Nifty performing today?
The Sensex traded around 84,633, up a tad, while the Nifty hovered around 25,847. Both indices maintained a tight range and were in consolidation mode, with no strong directional move.
3. Which were the biggest gainers in the stock market today?
It was the IT sector that fared best, driven by heavy buying in TCS, Infosys, and HCL Technologies following deal announcements and brokerages' upbeat outlook.
4. What role did FIIs and DIIs play today?
The market also saw Foreign Institutional Investors turn net buyers after several sessions of selling, helping stabilize the market. Domestic Institutional Investors remained supportive with steady equity purchases.
5. What is the near-term outlook for the stock market?
It will be rangebound in the short term, with Nifty support near 25,700 and resistance near 26,000. Experts believe it's a buy-on-dip market with strict risk control.
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