Markets Today: Vishal Mega, MobiKwik IPOs; US inflation data; Gold rates

In the previous session, the Sensex settled at 81,510.05, up marginally by 1.59 points. In contrast, Nifty settled at 24,610.05, down 8.95 points, or 0.05 per cent

Stock Markets Today, December 11: Investors are likely to stay cautious ahead of key US inflation data that may shape the Federal Reserve's interest rate decisions. Meanwhile, domestic markets are expected to follow cues from global trends as the session unfolds today.

 

That said, at 6:33 AM, GIFT Nifty futures were trading 8 points lower at 24,674 levels, hinting at a muted start with a negative bias.  Also Read: Earnings uncertainty, high valuations: Brokerages advise caution for 2025 

 

In the previous session, the Sensex settled at 81,510.05, up marginally by 1.59 points, while Nifty settled at 24,610.05, down 8.95 points, or 0.05 per cent.

 

Global markets  

Asia-Pacific markets opened mostly higher on Wednesday, diverging from Wall Street, where major benchmarks declined ahead of crucial US inflation data.

 

In South Korea, the unemployment rate remained steady at 2.7 per cent in November. Meanwhile, China is set to commence its annual economic work conference to outline policies and growth targets for the upcoming year.

 

Japan’s Nikkei slipped 0.23 per cent, while Australia’s ASX 200 was down 0.36 per cent. South Korea’s blue-chip Kospi rose 0.44 per cent.

 

Overnight, US markets faced further declines. The Dow Jones fell for the fourth consecutive session, dropping 0.35 per cent. The S&P 500 dropped 0.3 per cent, and the tech-heavy Nasdaq Composite slipped 0.25 per cent, marking their second consecutive day of losses.

 

Investor focus remains on the upcoming US consumer price index report for November, due later on Wednesday. 

 

The report is anticipated to show a slight rise in the 12-month inflation rate to 2.7 per cent, up 0.1 percentage points from the previous month, surpassing the Federal Reserve's 2 per cent inflation target, according to Dow Jones estimates. 

 

The data is expected to play a critical role in the Fed's policy meeting scheduled for December 17-18.

 

Domestic cues 

Back home, markets are likely to be influenced by primary market activities, coupled with mixed global cues.

 

Equity mutual fund (MF) inflows moderated in November, weighed down by a decline in lump sum investments and new fund offering collections. READ MORE

  Also Read: India set for resilient growth in 2025 driven by urban consumption: S&P  

The Securities and Exchange Board of India (Sebi) on Tuesday announced that the top 500 stocks will be eligible for the same-day settlement cycle (T+0) in a phased manner. READ MORE

 

IPO corner 

One MobiKwik Systems IPO (Mainline), Vishal Mega Mart IPO (Mainline), Sai Life Sciences IPO (Mainline), Purple United Sales IPO (SME) and Supreme Facility Management IPO (SME) will open for subscription today.

 

Nisus Finance Services IPO (SME) will list on the bourses today.

 

Also, Toss The Coin IPO (SME) and Jungle Camps IPO (SME) will enter Day 2 of their subscription, while the subscription for Dhanlaxmi Crop Science IPO (SME) enters its final day.

 

FII, DII 

  Foreign Institutional Investors acquired shares worth Rs 1,285.96 crore on December 10. Similarly, Domestic Institutional Investors bought equities worth Rs 605.79 crore.

 

Commodity check

  Gold prices reached a two-week high on Tuesday, driven by escalating geopolitical tensions and anticipation of a third US interest rate cut. Spot gold rose 1.3 per cent to $2,692.32 per ounce, while US gold futures closed 1.2 per cent higher at $2,718.40.

 

Oil prices remained steady, as concerns over the aftermath of Syria’s presidential overthrow diminished. At the same time, Chinese economic stimulus measures provided support, potentially boosting demand from the world’s largest crude importer. Brent crude futures inched up 5 cents to $72.19 per barrel, while US WTI gained 22 cents to settle at $68.59. 

 

Here's how analysts are assessing today's (December 11) trading session:

 

Rupak De, senior technical analyst at LKP Securities 

The sentiment is likely to stay sideways in the near-term unless the index makes a decisive move beyond this range. A break below 24,470 could trigger a correction of 200 to 250 points, while resistance is seen at 24,700 to 24,750

 

Hrishikesh Yedve, AVP of technical & derivatives research at Asit C Mehta Investment 

On the daily chart, the index formed a small red candle. However, the index holds above the breakout point of the inverted head and shoulder pattern, showing strength. On the downside, 100-DEMA support is placed near 24,340. As long as the index sustains above it, traders are advised to adopt a ‘buy on dips’ strategy. On the upside, the index might test the levels of 24,800-25,000 in the short-term.