Sensex Surges: Sensex rallied nearly 2,000 points from the day’s low, Nifty crossed 24,700; Airtel and FMCG stocks saw a strong comeback
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Due to weakness in the market, the Nifty Smallcap index fell by 0.5%, while the Sensex also remained under some pressure, due to which shares of small and mid-cap companies saw a slight decline.
Add Closing Bell: Sensex up 681.46 points
The Sensex and Nifty recorded sharp gains in the afternoon of December 13, led by gains in telecom, IT and FMCG stocks. This surge was seen after a big fall at the beginning of the session. The initial decline was due to weakness in other Asian markets, strong dollar, rise in US Treasury yields and concerns about China’s slowing economy.
At 2:15 pm, Nifty was up 194.15 points or 0.79% at 24,742.85, while Sensex was up 681.46 points, or 0.84%, at 81,971.42. IT sector stocks rose on expectations of interest rate cut in the US.
Bharti Airtel continued to outperform as Jefferies added it to its list of top Asian stocks for 2025.
Meanwhile, smallcap and midcap stocks, which mostly depend on the domestic market, closed down by around 0.5%. Experts and fund managers say that
Despite a 6% correction from the highs, optimism remains high about the Indian markets, and stability is expected in the near to medium term.
This fall is considered a buying opportunity. It is estimated that Nifty can reach the level of 25,500-26,000 between December and January. Fund manager and trading strategist Kunal Rambhia says, “The pre-budget rally in early January can bring special movement in the stocks.” The market may reach new heights due to the pre-budget rally.
Gaurang Shah, Senior Vice President, Geojit Financial Services believes that the market will remain in a state of consolidation for the rest of this year. The market witnessed a big sell-off during the opening, and all sectoral indices were in the red, impacted by multiple factors, which were affected by many reasons.
The US Treasury yields have seen the biggest weekly rise this year, dampening expectations of a US interest rate cut in 2025. Moreover, a high-level meeting in Beijing, which had plans to boost credit and consumption, failed to boost Chinese stocks, while US trade tensions were escalating again, as Donald Trump’s return to power was expected.
Concerns over FII selling have resurfaced, as foreign institutional investors sold Rs 4,572 crore in Indian equities on December 11 and 12. India’s Consumer Price Index (CPI)-based inflation eased to 5.48 per cent in November, from 6.21 per cent in October, according to data released by the statistics ministry on December 12.
Narendra Solanki of Anand Rathi Shares and Stock Brokers said that though inflation has eased, it still remains above the RBI’s 5 per cent target. “This may raise expectations of a modest rate cut, but the RBI will still need another month of data to take a decision.”
Sectoral performance saw most indices in the red, though IT, FMCG and infrastructure gained 0.3 per cent. The Nifty Metal index fell 1.6 per cent, dragged by a strong US dollar and uncertainty over China’s stimulus plans. Shares of Tata Steel, JSW Steel and Hindalco fell 2-3 per cent.
Financial services were the biggest losers on the Nifty, with HDFC Bank, Axis Bank and Shriram Finance losing 1-2 per cent. Broader markets also struggled, with the BSE midcap and smallcap indices falling 0.8 per cent each, underperforming their benchmark counterparts.
Bharti Airtel, HCLTech, UltraTech Cement, HUL and Adani Enterprises were among the top gainers on the Nifty 50, gaining 1-4 per cent. On the other hand, Shriram Finance, Tata Steel, JSW Steel, IndusInd Bank and Hindalco were the top losers, shedding 1-3 per cent.
Disclaimer: The investment views and tips expressed on Moneycontrol.com are solely the personal views of the investment experts and have no association with the website or its management.
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