close_game
close_game

Indian markets open cautiously ahead of US Fed meeting, Nifty and Sensex decline

ANI |
Dec 16, 2024 10:51 AM IST

Indian stock markets opened cautiously on Monday, with Nifty 50 and BSE Sensex declining slightly.

Indian stock markets started the fresh week on a cautious note on Monday, as both indices declined marginally during the opening session. The US Federal Reserve meeting is set to start on Tuesday, and markets around the globe are expecting a 25 basis points cut.

Due to a slight dip in both indexes during the opening session, Indian stock markets began the new week cautiously on Monday. Tuesday is when the US Federal Reserve meeting is scheduled to begin.(Bloomberg)
Due to a slight dip in both indexes during the opening session, Indian stock markets began the new week cautiously on Monday. Tuesday is when the US Federal Reserve meeting is scheduled to begin.(Bloomberg)

The Nifty 50 index opened at 24,753.40 points, with a decline of 14.90 points or 0.06 percent, while the BSE Sensex dipped by 132.81 points or 0.16 percent to open at 82,000.31 points.

Also read: Apple chip supplier Broadcom hits $1 trillion market valuation for first time

Experts noted that Indian markets will monitor the Fed rate cut due this week. Expectations of a 25 bps cut are very high. The markets are likely to remain in a consolidation phase, but a year-end rally could gain traction this week.

Ajay Bagga, Banking and Market Expert told ANI, "This will be a week dominated by the US Fed's last FOMC meet of the year. A rate cut of 25 basis points is a near certainty. The commentary will be watched closely for clues on the Fed rate cut momentum in 2025. January 2025 will bring President Trump's policies to the centre of attention. Indian markets saw a sharp intraday bounce back on Friday after consolidating for a week. Given it's a Fed policy week, we could see steady market action, but we are hopeful for a yearend rally gaining traction this week."

In the sectoral indices on the National Stock Exchange, a mixed trend was visible, with Nifty FMCG, Nifty Media, Nifty Metal, Nifty Pharma, Nifty PSU Bank, and Nifty Realty surging, while other sectors including Nifty Bank and Nifty Auto declined at the time of filing this report.

In the Nifty 50 list, 19 shares gained while 30 declined at the time of filing this report. The top gainers of Nifty 50 included ITC, Cipla, L&T, Reliance, and Adani Enterprises, while the top losers included BPCL, JSW Steel, and Tech Mahindra.

"This objective remains valid as long as the market stays above 23,873, but more critical support now is the Friday low of 24,180. Seasonal patterns also support a bullish view, as the nifty has risen in the second fortnight of December 80% of the time in the last decade, with an average gain of 1.1," said Akshay Chinchalkar, Head of Research, Axis Securities.

Also read: Stock market crash: Sensex falls over 1,000 points, Nifty drops over 300 points

In other Asian markets, a mixed trend was visible, with the Nikkei 225 index, Taiwan Weighted index, and South Korea's KOSPI index surging marginally, while the Hang Seng index and Jakarta Composite declined at the time of filing this report. (ANI)

rec-icon Recommended Topics
Stay updated with the latest Business News on Petrol Price, Gold Rate, Income Tax Calculator along with Silver Rates, Diesel Prices on Hindustan Times.
See More
Stay updated with the latest Business News on Petrol Price, Gold Rate, Income Tax Calculator along with Silver Rates, Diesel Prices on Hindustan Times.
SHARE THIS ARTICLE ON
SHARE
Story Saved
Live Score
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Wednesday, February 19, 2025
Start 14 Days Free Trial Subscribe Now
Follow Us On