Mumbai (Maharashtra) [India], December 11 : The Indian stock markets continue to be in a consolidation phase as both indices opened flat on Wednesday.
The Nifty 50 index opened at 24,620.50 points with a surge of 10.45 points or 0.04 per cent, while the BSE Sensex opened at 81,568.39 with a gain of 58.34 points or 0.07 per cent.
Experts noted that the US Consumer Price Inflation data will be the major event for markets globally. However, the consolidation phase of Indian markets is expected to continue, with stocks potentially rallying by year-end.
Ajay Bagga, Banking and Market Expert told"With US markets at a 57th time All Time High, there is little space for the US CPI to come higher than 0.3 per cent and not cause some mayhem. But today will be all about US CPI. Indian markets will be sideways today as institutional investors wait for the US CPI print this evening. We expect consolidation and then a pre-Budget rally to power the Indian markets higher by the year end".
In the sectoral indices on the National Stock Exchange, Nifty Bank, Nifty Financial, and Nifty IT faced selling pressure, while other sectoral indices, including Nifty Auto, Nifty FMCG, Nifty Media, and Nifty Metal, gained at the time of filing this report.
In the Nifty 50 list, 29 stocks gained while 21 declined at the time of filing this report. The top gainers of the day included Ultratech Cement, Grasim, Tata Consumers, and BPCL, while the top losers during the opening session were Dr. Reddy's, HCL Tech, ICICI Bank, and HDFC Bank.
"The Nifty ended down a third day, but the late-session rebound has traced a candlestick with a long lower shadow, showing demand near 24500. Note that this level represents a so-called "polarity" zone which was formerly resistance. The immediate upside hurdle is the flat-lining 100DMA near 24700, while a critical support zone lies between 24360 and 24445" said Akshay Chinchalkar, Head of Research, Axis Securities.
In other Asian markets, major indices also remained flat. The Nikkei 225 declined marginally by 0.27 per cent, the Hang Seng index remained flat, and the Taiwan Weighted index declined by 0.41 per cent. South Korea's KOSPI market continues to recover.
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