Closing Bell: Banks drag Nifty 50, Sensex to a flat close; Nifty Bank down 186 points – CNBC TV18
| Company | Value | Change | %Change |
|---|
The US CPI data, scheduled for later in the day, is expected to impact foreign inflows into emerging markets such as India. The Federal Reserve will cut interest rates by 25 basis points on Dec. 18, according to 90% of economists polled by Reuters, with most expecting a pause in late January amid concerns about rising inflation risks.
Domestic inflation figures, due on Thursday, is expected to have eased in November.
Back on markets, the Sensex gained a modest 16 points, closing at 81,526, while the Nifty 50 inched up by 32 points to 24,642. Despite strong performance from certain sectors, financial stocks underperformed, with the Nifty Bank index closing in the red, down 186 points at 53,391.
The day saw moderate gains in the broader markets, with the Midcap Index rising 158 points to 59,293, reflecting some positive sentiment in smaller-cap stocks. However, the financial sector struggled throughout the session, largely due to profit-taking in banking stocks, which dragged down the Nifty Bank index.
Information Technology (IT) stocks rose by 0.3% in the final hour of trade, helping the Nifty IT index end at the day’s highs.
Among the top performers, Shriram Finance and Bajaj Finance stood out, with both stocks rising by up to 3%.
Railway-related stocks showed resilience, bouncing back from early losses. Stocks such as IRFC, IRCON, RilTel, and RVNL gained up to 5% as they recovered from their intraday lows.
Greaves Cotton saw a strong rally in the latter part of the session, ending nearly 6% off its lows for the day.
Meanwhile, shares of Swiggy fell by 4% as the expiration of the lock-in period allowed early investors to sell their holdings.
Avenue Supermarts, the operator of DMart, fell 3% after Goldman Sachs cut its target price on the stock to ₹3,425 from ₹4,000.
