Stock Market Today: Nifty, Sensex Resume Decline After One-Day Rise; Infosys, SBI Top Draggers
In the second half of the trade session, the Nifty 50 and Sensex erased gains to extend losses for a second day.
KEY HIGHLIGHTS
Most US Futures Rise
As of 3:38 p.m., the S&P 500 and Nasdaq Futures rose 0.14% and 0.21% higher, respectively. The Dow Jones Industrial Average futures rose 0.03% higher.
Stock Market Highlights: Nifty, Sensex End Christmas Eve Lower As Infosys, SBI Share Prices Drag
The NSE Nifty 50 and BSE Sensex erased all gains to the Christmas eve lower as Infosys Ltd. and State Bank of India share prices dragged. The benchmark also resumed declining trajectory after one-day rise.
The Nifty 50 ended 25.80 points or 0.11% down at 23,727.65, and the Sensex settled 67.30 points or 0.1% down at 78,472.87.
The Nifty 50 rose 0.48% to the day's high of 23,867.65, while the Sensex rose 0.43% to the day's high of 78,877.36.
During the last leg of the trade, the Nifty 50 fell 0.18% to the day's low of 23,709.65, and the Sensex declined 0.18% to the day's low of 78,397.79
Indian financial markets will be closed on Wednesday on account of Christmas.
"Technically, after a muted opening, the market witnessed range-bound activity throughout the day, it also formed a small inside body candle on the daily charts. We believe that the current market texture is non-directional, as traders seem to be waiting for a breakout in either direction," said Shrikant Chouhan, head, equity research, Kotak Securities
On the upside, 23,850/78,800 would be the immediate breakout level for the bulls. If surpassed, the market could rally up to 23,950-24,000/79,100-79,300. Conversely, selling pressure is likely to accelerate below 23,600/78,200, with the market potentially slipping to 23,500-23,475/78,000-77,800, Chouhan said.
ITC Ltd., Tata Motors Ltd., Tata Consultancy Services Ltd., Mahindra & Mahindra Ltd., and Trent Ltd. added to the Nifty 50 index.
Infosys Ltd., State Bank of India, HDFC Bank Ltd., Power Grid Corp of India and Titan Co. Ltd. weighed on the index.
On NSE, nine sectors declined, and three advanced out of 12. The NSE Nifty Metal declined the most, and the NSE Nifty Auto rose the most.
Broader markets outperformed benchmark indices. The BSE Midcap and BSE Smallcap indices settled 0.09% and 0.37% higher, respectively.
On BSE, 13 sectors declined, and eight advanced out of 21. The BSE Metal declined the most, and the BSE Services rose the most.
Market breadth was skewed in favour of sellers. Around 2,2022 stocks declined, 1,976 stocks advanced, and 94 stocks remained unchanged on BSE,
Rupee Ends At Record Closing Low Against US Dollar
Rupee weakened by 8 paise to end at a record closing low of 85.20. During the day, Rupee fell as much as 9 paise to a record low of 85.21. It closed at 85.12 on Monday, according to data on Bloomberg.
Market At Close
The NSE Nifty 50 and BSE Sensex continued decline after one-day rise.
Power Grid Corp of India, JSW Steel Ltd., and SBI Life Insurance Co. were the top loser.
Tata Motors Ltd., Adani Enterprises Ltd., and Bharat Petroleum Corp Ltd. were top gainers.
The NSE Nifty Midcap 150 ended 0.02% higher at 21,0180.70.
The NSE Nifty Smallcap 250 ended 0.31% higher at 17,672.45.
Stock Market Today: Biocon Gets EIR From US FDA With Voluntary Action Indicated
Biocon has received the Establishment Inspection Report with a "Voluntary Action Indicated" status from the US Food and Drug Administration for its Karnataka API facility, according to an exchange filing.
