Market Not reacting to Good Numbers. Fed Decision Today - Post Market Analysis
NIFTY opened the day at 18,671 with a gap-up of 63 pts. The 18,700 level acted as a resistance today and also the index wasn’t stable, moving within a tighter range. Nifty closed the day at 18,660, up by 52 points or 0.28%.
BANK NIFTY started the day at 44,078 with a gap-up of 132 pts. The opening was above the 44k mark and hit an all-time high at 44,151. Bank Nifty closed the day at 44,049, up by 102 pts or 0.23%.
FIN NIFTY started the day at 19,465 with a gap-up of 56 pts. The index tried to break 19,500 but gave up the gains in the second half. Fin Nifty closed the day at 19,466, up by 56 pts or 0.29%.
All the indices except for Nifty FMCG (-0.43%) closed in the green. Nifty IT (+1.1%), Nifty Media (+1%), Nifty Metal (+1.2%) and Nifty Realty (+1.4%) gained the most today.
Major Asian Markets closed in the green. European Markets are trading in the red.
Nifty FMCG stocks moved down, led by Colpal 9-4.3%), Nestle (-1.5%), Dabur (-1.1%) and HUL (-0.95%).
Varun Beverages (+1.1%) became the sixth-largest FMCG firm after six years of listing. The stock gave more than 150% returns in the last year.
Nifty Metal stocks- Hindalco (+2.4%), Hind Copper (+2.9%), JSW Steel (+1.8%), Jindal Steel (+1.5%), SAIL (+1.1%) and Tata Steel (+1.6%) closed in the green.
Yes Bank (-7.7%) moved down after Morgan Stanley rated the stock as underweight with a price target of Rs 20.
HG Infra (+6.3%) secured a project worth Rs 997.11 crore from NHAI
NBCC (+3.1%) secured a total business of Rs 300.41 crore in November 2022
Yesterday U.S. market opened with good gains, but couldn’t hold them.
Local and global cues are very strong and positive- cooling inflation, falling crude oil prices and not rising interest rates. But we are not jumping that much. One reason is the market is already at highs and these numbers were expected.
Bank Nifty is hitting fresh highs continuously and it became a non-event.
Fed will announce the interest rate decision today and let's see if it can bring momentum to the market.
India's Finance Minister said that Govt is committed to bringing down the fiscal deficit to a reasonable level by 2025/26.
India Nov Wholesale Price (YoY) came out at a 21-month low of 5.85% vs 8.39% previous vs estimate of 6.3%.
UK Inflation Rate Nov (YoY) came out at 10.7% vs 11.1% previous vs estimate of 10.9%.
China decided not to postpone key economic policy meetings. Its central economic work conference will start Thursday.
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