Stock Market Today: Nifty closes at 13478

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Indian indices closed in red on selling pressure led by weak global and domestic environment. Indian benchmark equity indices ran into profit booking today, though they recovered smartly from intraday lows. At close, the NSE Nifty was down 51 points or 0.4% at 13478. Volumes on the NSE were a bit lower than recent average. Among sectors, FMCG and Metals were the main gainers while Media, PSU Bank, Auto were the main losers. Stocks were mostly lower Today in Asia after weakness in technology companiesÂ’ shares led an overnight decline on Wall Street. Bets on more European Central Bank stimulus kept Europe’s main stock markets and the euro steady on Thursday. Nifty after filling the gap made today, has closed at the intraday high. The hitherto performing sectors are undergoing a correction while defensives like FMCG have started to perform.  An upward breach of 13549 could result in resumption of uptrend. Till then doubts will remain as to whether we have made an intermediate top.  

Ajit Mishra, VP – Research, Religare Broking Ltd said that markets ended marginally lower in a range-bound session, taking a breather after the recent surge. Weak global cues led to a gap down opening in the benchmark which further inched lower on the back of profit-taking by the participants. However, resilience in FMCG majors capped the downside and recovery in metal and banking majors in the last hour further trimmed the losses. Indications are in the favour of some consolidation in the index and it would be healthy for the markets. Nifty has critical support at 13350 and its breakdown may result in further correction ahead. In the case of a rebound, the 13550-13600 zone would act as a hurdle. Defensive, FMCG, IT and pharma tend to do well during the corrective phase but traders should maintain caution in the selection of the stocks as weÂ’re seeing selective participation. 

Global signals:

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Asian markets traded lower on December 10, as investors kept an eye on Brexit trade talks as well as ongoing negotiations in the US for a coronavirus relief package. European stocks were muted on December 10, as markets tracked the parlous state of Brexit trade deal talks between the UK and EU this week.