Mumbai (Maharashtra) [India], December 9 (ANI): The Indian stock market ended on a subdued note on Monday with key indices closing flat.
The Sensex dropped 177.12 points, settling at 81,531.99, while the Nifty fell 52.05 points to close at 24,625.75.
Among Nifty firms, 19 stocks advanced, 30 declined, and one remained unchanged. Wipro, L&T, SBI Life, Tata Steel, and BPCL emerged as the top gainers, while Tata Consumer Products, Hindustan Unilever, Tata Motors, Nestle, and Asian Paints were the biggest laggards.
Vinod Nair, Head of Research at Geojit Financial Services, attributed the day’s range-bound trade to a mix of domestic and global factors.
“The domestic market exhibited a range-bound trade after last week’s rally. The rise in oil prices amid tensions in the Middle East, along with investors caution ahead of key economic data like India & US CPI data and ECB policy this week, impacted the sentiment. Capital goods and metal stocks have seen some buying interest in expectation of China stimulus after an unexpected drop in inflation,” he said.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, shared a technical outlook on the market.
“From a technical perspective, the weekly charts indicate that the index has formed a long bullish candle and is maintaining a higher bottom formation. Notably, it has successfully closed above the 50-day Simple Moving Average,” he said.
“We believe that the market texture is bullish; however, due to temporary overbought conditions, we could see range-bound activity in the near future. Therefore, the ideal strategy for short-term traders would be to buy on dips and sell on rallies,” he added.
The market’s cautious tone came as investors awaited key economic data, including India’s and the US’s Consumer Price Index (CPI) figures, and the European Central Bank’s (ECB) policy decision later this week. Additionally, rising oil prices amid geopolitical tensions added to the uncertainty.
While the broader trend remains bullish, analysts suggest traders adopt a measured approach in the near term, focusing on technical indicators and economic cues for direction. (ANI)
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