Morning markets update: Indices down, sensex, nifty by 0.12%

The markets exhibited a decline this morning. The NSE nifty was down by 0.12 per cent or 24.90 points to 20,881.90 while the BSE sensex was down by 0.12 per cent or 82.48 points to 69,468.55 at 9.50 am on Wednesday.

A total of 3,083 stocks were traded on the BSE, of which, 1,872 advanced, while 1,125 declined and 86 stocks remained unchanged. As many as 171 stocks hit a 52 week high and 7 stocks hit a 25 week low.

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Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The short-term undercurrent of the market is bullish despite the high valuations. The growth momentum in the economy, the sustained buying by DIIs and retail investors, reversal of the FPI strategy from selling to buying and favourable global cues will keep the market resilient. From the global perspective, tonight’s Fed message is important in setting the global market trend. Markets will wait for the Fed chief’s message before taking a decisive turn.

Even though India’s CPI inflation has come higher at 5.55 per cent in November compared to 4.87 per cent in October, this print is lower than the market expectation of 6 per cent. IIP growth of 11.7 per cent in October indicates continuation of the growth momentum in the economy.”

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He further added, “Steadily declining Brent crude (now below $74) is strengthening India’s macros. Leading banks, capital goods, cement, oil marketing companies and the leading airline company are on strong wicket.”

BSE MidCap (0.33 per cent) and BSE SmallCap (0.24 per cent) indicated gains.

Major gainers on the NSE at 9:50 am include, NTPC (2.17%); Ultratech (1.64%); Eicher Motors (1.45%); BPCL (1.37%); Power Grid (1.17%). Major losers include, Infosys (-1.18%); HDFC Life (-1.12%); TCS (-1.01%); Axis Bank(-0.97%); HDFC Bank (-0.53%)