Stock Market Live Updates 19 December 2023: Sensex and Nifty trade weak amid global rally slowdown
The Indian benchmark indices, Sensex and Nifty, showed minimal movement during Tuesday’s opening. The global surge fuelled by anticipations of U.S. interest rate reductions seemed to slow down, notably as several Federal Reserve officials countered these expectations.
The 30-share BSE Sensex climbed 69.79 points to 71,384.88 in early trade. The NSE Nifty gained 14.20 points to 21,432.85.
Domestic markets are likely to move in a narrow range ahead of the holiday season. Analysts expect low participation from investors, especially institutions, that will keep the market in a narrow range. However, the impending settlement of December contracts in the derivative segment (Next Thursday) will keep individual stocks in focus. Analysts expect the consolidation phase to continue at domestic markets.
According to Suman Bannerjee, CIO, Hedonova, portfolio rebalancing diversification and investing in financially robust companies should remain priorities. “Consider slightly increasing your equity allocation amid market momentum and continue using market dips as opportunities to expand your portfolio. Stick to a diversified approach and allocate assets wisely to mitigate risks,” he added.
While the undertone remains bullish given strong economic fundamentals, select bouts of profit-taking cannot be ruled out, said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd
Most Asian equity markets are down marginally in early deals on Tuesday.
Markets are currently undergoing a consolidation phase following a significant rally, and Tuesday’s session is expected to closely resemble Monday’s trading activity, said Sheersham Gupta, Director and Senior Technical Analyst, Rupeezy.
Mandar Bhojane, Research Analyst at Choice Broking, said the substantial buying from both FIIs and DIIs, as mentioned above, is expected to provide strong support for the market to move higher in the coming days. “Therefore, traders and investors are advised to maintain their long positions with a trailing stop loss set at 21,000 levels,” he added.
