On Wednesday, December 12, the Indian stock market traded in the red, with the Sensex hitting an intraday low of 80,496.57 and Nifty falling below the 24,300 mark, reaching a low of 24,273.10. Bank Nifty also slipped by 134 points. While stocks like Dr Reddy, Shriram Finance, Sun Pharma, Cipla, and Wipro were among the top gainers, key stocks such as Tata Motors, L&T, Power Grid, BEL, and Maruti Suzuki faced significant losses.
The market faced selling pressure amid weak global cues, with investors adopting a cautious stance ahead of the US Federal Reserve's policy meeting. Early trade also saw a bearish start, as the Gift Nifty dipped by 66.5 points (0.3%) to trade at 24,364.
On December 18, investors will focus on stocks like Ambuja Cement, Alivus Life, Route Mobile, Aurobindo Pharma, and LTIMindtree. Meanwhile, the Asian markets showed mixed performance, with Japanese shares losing steam and slight gains in South Korean and Australian stocks. In the US, Wall Street ended deep in the red, with the Dow Jones suffering its longest losing streak since 1978.
The market is now awaiting the US Federal Reserve's decision on interest rates. The FOMC meeting, chaired by Jerome Powell, is expected to announce a 25 basis point rate cut. However, investors are concerned that the Fed might scale back rate cuts in 2025 due to persistent inflationary pressures, adding to the uncertainty in the global financial landscape.
