Investors Remain Cautious

Mumbai: On Tuesday, the Indian stock market closed on sideways note, with BSE Sensex closing at 81,510.23 points. Prashanth Tapse, senior V-P (research), Mehta Equities, said: “Sentiment was also cautious ahead of key inflation data, with the US CPI due on December 11 and India’s CPI on December 12. Despite China’s announcement of loose fiscal and monetary policies, the market remained subdued. Bullish traders held back on large positions, and the Nifty’s recent momentum appears to be fading. Key support levels for Nifty are seen at 24,551, with resistance at 25,001.”

Gains in Shriram Finance (+2.40%), Bajaj Finserv (+1.65%), and HCL Tech (+1.42%) were offset by losses in Bharti Airtel (-1.40%), Dr Reddy’s (-1.33%), and Adani Ports (-1.17%).

This bearish trend was influenced by mixed sector performances; while the Nifty IT index reached an all-time high of 45,377.75, driven by strong gains in stocks like LTIMindtree and Mphasis, other sectors struggled. Notable losers included major players like Bharti Airtel and Adani Ports, while HCL Tech and Bajaj Finserv emerged as top gainers, said Vaibhav Vidwani, Research Analyst, Bonanza. Overall, investors remained cautious amid ongoing economic uncertainties and sector-specific challenges.