Markets today: Nasdaq; Toss The Coin, Jungle Camps listing; US Fed meeting

Stock Markets Today, December 17: Benchmark indices, Sensex and Nifty, are likely to open on a cautious note, with little on the domestic front to guide sentiment. Instead, global cues—especially from Wall Street—are likely to play a key role as investors focus on the upcoming US Federal Reserve decision (December 18).

 

 

Early indicators point to a weaker start, as GIFT Nifty futures were trading 51 points lower at 24,687 around 6:31 AM. This comes after a subdued session yesterday, where the Sensex slipped 384.55 points, or 0.47 per cent, to close at 81,748.57. The Nifty50 also ended in the red, losing 100.05 points, or 0.40 per cent, to settle at 24,668.25.

 

Also Read: Market outlook 2025: Brokerages on opportunities, risks, investible themes

 

Domestic cues 

India's wholesale price index (WPI) eased to a three-month low of 1.89 per cent in November, driven by a sharp decline in food prices, particularly vegetables, government data showed.

 

Meanwhile, India's trade deficit widened to a record $37.8 billion in November, fuelled by a surge in merchandise imports. Notably, inbound gold shipments saw a 4.3-fold jump, driving overall imports up 27 per cent to an all-time high of nearly $70 billion.

 

Also Read: High interest rates, fiscal consolidation slowing GDP growth: CRISIL

 

FII, DII  

FIIs sold shares worth Rs 278.70 crore on December 16, while DIIs sold equities worth Rs 234.25 crore. 

 

IPO corner 

Notably, Foreign portfolio investors (FPIs) have invested Rs 25,300 crore through the anchor book for IPOs in 2024, surpassing the Rs 20,351 crore invested by domestic mutual funds (MFs).

 

In other updates, Toss The Coin IPO (SME), Jungle Camps IPO (SME) will list on the bourses, while NACDAC Infrastructure IPO (SME) will open for subscription.

 

Inventurus Knowledge Solutions (IKS) IPO (Mainline) and Yash Highvoltage IPO (SME) will see their allotment.

 

Also Read: With 11 IPOs announced so far, December tops as busiest month for listings

 

Additionally, International Gemmological Institute IPO (Mainline) and Hamps Bio IPO (SME) will enter the final day of their subscription.

  

Global cues

  Asia-Pacific markets opened mixed on Tuesday, reflecting Wall Street as investors turned their attention to the upcoming US Federal Reserve decision. ASX 200 rose 0.84 per cent, while Nikkei was up 0.50 per cent. Kospi, meanwhile, slipped 0.68 per cent.

 

Overnight in the US, the Nasdaq hit a fresh record high, buoyed by a strong rally in technology stocks. The tech-heavy index climbed 1.24 per cent to close at 20,173.89. The S&P 500 rose 0.38 per cent. However, the Dow Jones underperformed, dropping 0.25 per cent. This also marked the Dow's eighth consecutive day of losses, its longest losing streak since 2018.

 

Additionally, key US economic data for November, including retail sales, industrial production, and manufacturing production, is expected to be released later today, further shaping market sentiment.

 

Cryptocurrency 

Bitcoin's record rally topped $107,000 on Monday after President-elect Donald Trump reiterated that he plans to create a US bitcoin strategic reserve similar to its strategic oil reserve, stoking the enthusiasm of crypto bulls. READ MORE

 

Commodity check 

Oil prices retreated on Monday after reaching multi-week highs, weighed down by concerns over weaker consumer spending in China, the world’s largest oil importer. Investors also paused buying ahead of the US Fed rate decision. Brent crude futures fell 0.8 per cent to settle at $73.91 per barrel. Similarly, US WTI crude dropped 0.8 per cent to close at $70.71 per barrel.

 

Gold prices, meanwhile, edged higher on Monday, supported by geopolitical uncertainties and a weaker dollar, as markets awaited the Fed policy meeting, which is expected to deliver a third rate cut and provide insights into the 2025 economic outlook. Spot gold rose 0.2 per cent to $2,654.27 per ounce, while US gold futures settled 0.2 per cent lower at $2,670 per ounce.

 

Here's how analysts are assessing today's (December 17) trading session:

 

Rupak De, senior technical analyst at LKP Securities 

On the higher end, the index may continue its upward movement towards 25,000 and beyond in the short-term. On the lower end, crucial support is placed at 24,500.

 

Shrikant Chouhan, head of equity research at Kotak Securities 

We believe that the current market texture is non-directional, and the ideal strategy for day traders would be to buy on intraday corrections and sell on rallies. For day traders, 22,600/81,500 and 22,550/81,300 would be key support zones, while 22,800/82,000-22,850/82,200 could act as crucial resistance areas for the bulls. However, if the index falls below 22,550/81,300, traders may prefer to exit their long positions.