The Indian stock market showed its trademark resilience on Wednesday, with the Nifty 50 climbing above the crucial 24,600 mark.
Market Snapshot
The day saw a mixed bag of performances across sectors. Auto and IT stocks emerged as bright spots, bringing cheer to investors. On the flip side, PSU banks faced some selling pressure, reminding us of the market’s ever-changing dynamics.
Global Market Dynamics
International markets presented a mixed picture. Wall Street experienced a slight dip, with the Dow Jones falling 0.22%. On the other hand, The S&P 500 and NASDAQ Composite closed on a positive note.
What to Watch
All eyes are now fixed on the upcoming Consumer Price Index (CPI) report. This crucial indicator could be a game-changer, potentially influencing the Federal Reserve’s interest rate decisions.
For traders, the key levels to watch are the resistance at 24,800 and support at 24,500.
Mutual Funds: SIP Inflows Fell
In November 2024, the Indian mutual fund industry experienced a notable decline in inflows, with equity mutual funds witnessing a 14% drop, amounting to ₹35,943.49 crore compared to ₹41,886.69 crore in October, according to the latest data from the Association of Mutual Funds in India (AMFI). This downturn reflects a cautious sentiment among retail investors amid heightened market volatility and macroeconomic uncertainties.
Despite this decline, the total assets under management (AUM) for the mutual fund industry reached a record high of ₹68.08 lakh crore, bolstered by consistent investments through systematic investment plans (SIPs), which remained stable at ₹25,319.66 crore.
Stock Market Indices
Index Movements
- Nifty 50: Closed at 24,641.80 (+0.10%)
- BSE Sensex: Steady at 81,496
- Nifty Next 50: 73,273 (+0.24%)
- Nifty 500: 23,358 (+0.19%)
Global Index Snapshot
- Nikkei (Japan): 39,367
- STOXX 50: 4,959
- Dow Jones: 44,148 (-0.22%)
- S&P 500: 6,084 (+0.82%)
- Nasdaq: 20,034 (+1.77%)
Winners and Losers of the Day
Top Gainers
- Tata Motors: Zoomed up by 3.5%
- Infosys: Climbed 2.8%
- Hindustan Unilever: Gained 2.5%
Major Losers
- State Bank of India: Dropped 1.2%
- HDFC Bank: Slid 1.0%
- Reliance Industries: Dipped 0.8%
Technical Outlook
Traders should keep a close watch on two critical levels:
- Resistance: Around 24,800
- Support: At 24,500
Investor’s Strategy
The current market scenario calls for a balanced approach. While global uncertainties loom, the Indian market continues to show its inherent strength and resilience.
Diversification and careful stock selection remain key strategies for navigating these interesting times.
