Welcome to CNBC-TV18 Marketbuzz Podcast. Here’s a roundup of the top market developments ahead of the trading session on December 20.
Nifty’s Struggles: Can Bulls Stage a Rebound?
The big question today is whether bulls can turn the tide after Nifty experienced its worst week in three months. On Thursday, the Nifty broke through several near-term support levels, slipping from 24,100 to 23,900 at one point, before managing to reclaim the 23,900 mark by the end of the session.
Market participants are keeping a close watch on global developments that may impact the direction of the index in the coming sessions.
Global Focus: Bank of England & US GDP Numbers
Investors are turning their attention to key events like the Bank of England’s policy meeting and the release of Q3 US GDP numbers later on Thursday. These developments could provide clues on the global economic outlook and influence market sentiment.
GIFT Nifty Indicates Gap-Down Start for Indian Markets
This morning, the GIFT Nifty was trading around 90 points lower compared to the Nifty Futures’ Thursday close, suggesting a gap-down start for Indian equities.
Expert Views on Market Sentiment
Om Mehra of SAMCO Securities believes that after a steep correction, a relief rally could be in the cards, with the next support level seen at 23,600. Meanwhile, Shrikant Chouhan of Kotak Securities notes that while short-term market sentiment remains weak, the oversold conditions might trigger a quick pullback rally from the current levels.
Stocks to Watch
Focus is on IT stocks, Hyundai Motor India, IndiGo, AU Small Finance Bank, KPI Green, GE Vernova, and BASF.
Global Market Overview
Asian markets saw declines, as investors awaited the release of the Federal Reserve’s preferred inflation gauge, which could provide further insight into the central bank policy stance. A key index of regional shares dropped by 0.2%, with losses in Australia and South Korea. Japan stood as an exception, as the yen weakened. Meanwhile, US futures were also lower following a dip in both the S&P 500 and Nasdaq 100.
Focus on US Data
Attention is also on the US personal consumption expenditures (PCE) data for November, due later on Friday, as it will be the last major piece of economic data for the year. Thursday’s data, including stronger-than-expected GDP growth and consumer spending, has reduced the likelihood of imminent rate cuts by the Fed.
Political Uncertainty in the US
Elsewhere, political uncertainty continues in the US, as the Republican-led House rejected a temporary funding plan backed by President-elect Donald Trump, just over 24 hours before the possibility of a government shutdown looms.
Stay tuned as these developments unfold and impact global and Indian market trends today!
