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Live: Nifty poised to consolidate after hitting 21,000 milestone? Cipla & GMR airports in focus

Indian equity markets had a spectacular run in the week ended December 8, reporting the biggest weekly gain in last 16 months and hitting the much-awaited psychological 21,000 mark for the first time. Favourable States elections results hinting more infrastructure investment from government, better-than-expected economic growth for Q2FY24, increase in full year GDP growth estimates by RBI while maintaining status quo on policy rates & retaining full year inflation forecast, strong hopes of ending rate hike cycle despite inflation concerns, and stable oil prices lifted market sentiment. After consistent run up in past six weeks, the market is expected to see a rangebound trade and consolidation, with major focus on the Fed meet outcome and the Powell commentary especially after latest better-than-expected jobs data and lower unemployment rate in November, and monthly inflation data by US & India. During the last week, the benchmark indices as well as Bank Nifty ended at fresh record closing high. The Nifty50 closed at 20,969, up 702 points or 3.46 percent, the biggest weekly gain since July 2022, while the BSE Sensex rallied 2,344 points or 3.47 percent to 69,826. Banking & financial services, energy, infrastructure, technology, metal, oil & gas, and auto stocks supported the market, while FMCG and pharma stocks were under pressure. The broader markets also recorded gains with the Nifty Midcap 100 and Smallcap 100 indices rising 2.35 percent and 1.16 percent respectively. This morning global cues are positive as investors digest China CPI data for November and US jobs data. The GIFT Nifty is hinting at a mildly higher start for the Indian market. Also among stocks in focus today, we put the spotlight on among others Tata Motors, Cipla, GMR Airports & Pricol among others. Catch Nandita Khemka in conversation with Rajesh Palviya, Senior Vice President Research Head-Technical & Derivatives at Axis Securities and Aishvarya Dadheech, Founder & CIO, Fident Asset Management.

first published: Dec 11, 2023 08:33 am