Live: RBI Policy To Dictate Market Moves | MPC May Hold Rates | Zomato, Five-Star Business In Focus
Indian equity market finally entered into consolidation mode and saw profit taking on December 7, after significant upward journey in previous seven straight sessions. Hence, the said consolidation may continue for some more days with major support at 20700-20,500 area, as long as the Nifty50 trades below psychological 21,000 mark, but in case, the index sees sharp upmove above 21,000 mark, then another phase of northward journey may be seen, experts said. On December 7, the BSE Sensex declined 132 points to 69,522, while the Nifty50 fell 37 points to 20,901 and formed bearish candlestick pattern with long lower shadow on the daily scale. The broader markets gained a bit of strength compared to consolidation in the past two days, with the Nifty Midcap 100 and Smallcap 100 indices rising six-tenth of a percent and 0.4 percent respectively on positive breadth. About 1,193 shares advanced against declining 933 shares on the NSE. The volatility index, India VIX also trended lower, snapping three-day upmove and closing 7.76 percent lower at 12.67 levels which provided some support to the market. The MPC will announce its interest rate decision today. This morning global cues are mixed with Wall Street snapping a 3-day losing streak and Asian markets too in the mixed zone after a surprise revision in Japan’s Q3 GDP. The GIFT Nifty, however, trades above the 21,000 mark. Also among stocks in focus today, we put the spotlight on Zomato, Five-Star Business, Concor, IRCON among others. Catch Nandita Khemka in conversation with Latha Venkatesh, Executive Editor, CNBC-TV18 and Raja Venkatraman, Co-founder Neotrader and Trading Influencer.#live #stockmarket #sensex #nifty Moneycontrol is India's leading financial and business portal with in-depth market coverage, analysis, expert opinions, and a gamut of financial tools.A part of Network18, moneycontrol.com is the most influential destination for stock market news and advice, business news, and news about the Indian and global ec #onomy.PaytmSubscribe: https://bit.ly/moneycontrolyoutubeFollow us:Visit https://www.moneycontrol.com/Facebook: https://www.facebook.com/moneycontrol/Twitter: http://www.twitter.com/moneycontrolcomInstagram: https://www.instagram.com/moneycontrolcom
2023-12-08T06:02:09Z