Market trade flat, Broader markets outshine ahead of inflation data

The Indian equities ended on a flat  note on Tuesday amid volatility. Despite a positive start and morning gains, mid-session selling pressure in key sectors dragged the indices down, only for a final-hour rally in IT and Realty stocks to mitigate the losses and secure a flat finish. At close, the Sensex was up 1.59 points at 81,510.05, while the Nifty was down 8.95 points or 0.04 percent at 24,610.05.
Bajaj Finserv, Infosys, HCL Technologies, Wipro and Shriram Finance were the top gainers on the Nifty, while losers included Bharti Airtel, Adani Ports, Adani Enterprises, Dr Reddy's Laboratories and HDFC Life.
On the sectoral front, power, telecom, media were down 0.5-1 percent, while IT, metal, PSU Bank and realty rose 0.4-1 percent. The broader indices outperformed the main indices, with BSE Midcap and Smallcap indices up 0.3 percent each.
Rupee Close:
On 10 Dec'24,the Indian rupee settled for the day on a flat note higher by 1 paisa at 84.85  against the US dollar on Tuesday.
The appointment of Revenue Secretary Sanjay Malhotra as the 26th RBI governor has sparked speculation of a potential shift in monetary policy, with traders now eyeing a rate cut in February. Weak domestic market cues and a rising US dollar index also exerted pressure on the currency.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying, the domestic market concluded on a flat note, a rebound from the lows suggests buy on dip strategy. China's additional stimulus plans did not boost Asian market sentiment. The broader market outperformed, maintaining its positive trend led by mid & small caps. IT index reached new highs in anticipation of improvement in US IT spending . Upcoming inflation data from the US and India are critical for insights into potential future rate cuts. India's CPI will serve as a key indicator of underlying earnings growth, which has been downgraded in H1FY25.
Market experts have recommended three stocks to buy- Advanced Enzyme Technologies, NMDC, and Mishra Dhatu Nigam.

(Business Correspondent)