Indian benchmark indices ended the session mildly in the green after a day of flat trade on weekly F&O expiry amid weak global cues. Sensex closed over 180 points higher at 62,570, while Nifty settled at 18,613, up by 0.28%. The broader markets ended marginally higher as well, with Nifty Midcap 100 gaining 0.6%. Sectorally, Nifty Pharma was the biggest laggard of the day, while Nifty PSU Bank soared in trade. “After touching a record high, the domestic market experienced significant volatility as global markets tumbled due to fear of an economic slowdown and worries over a Fed rate hike. Recession fears weighed on IT and pharma stocks while banks, especially PSBs, continued to support the bourses. This volatility is expected to sustain in the global market as we await the Fed policy decision and US inflation numbers due next week,” said Vinod Nair, Head of Research, Geojit Financial.
S Ranganathan, Head of Research, LKP SecuritiesPSU Banks fired up markets for the fourth consecutive day this week as the PSU Bank Index rose 4% today as positive tailwinds coupled with under ownership stepped up momentum in several stocks. With indices at record highs, investors were seen actively accumulating several state owned banks with vast reach and trust available at reasonable valuations.Also read: RBI Monetary Policy Committee hikes repo rate for fifth consecutive time: Impact on borrowers
Prashanth Tapse, Research Analyst, Senior VP (Research), Mehta EquitiesAfter a topsy-turvy day’s session, bulls found some feet towards the fag-end. Nifty reclaimed 18,600 mark while Sensex managed to close just below psychological 62,600 mark. The up move came despite a rate hike done by RBI yesterday and a potential rate hike scare by the Fed in its December 14th FOMC meeting. Technically, Nifty’s make-or-break support is seen at 18,417 mark, while the index faces immediate hurdle at its all-time high at 18,888 mark.
