Indian stocks started Thursday’s session (December 12) lower after the online consumer inflation print in the US. At the open, the Sensex was down 0.05 percent or 38.49 points, while the Nfty was weaker by 0.06 percent or 15.3 points at 24,626.5.
Sector-wise, the IT pack led the gains after the tech-heavy Nasdaq Composite hit a record high above 20,000 points. Other sectors including private banking, metals and realty also saw buying activity.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “The building of limited market consolidation will continue. The bull run in the US continues unabated as the Nasdaq sets a new record and closes above 20000 yesterday. Mother market strength, which shows that the global market rally is not changing, it is supporting other markets as well.”
Meanwhile, India’s CPI data, due on Thursday, and Friday’s WPI inflation figures are key items to watch.
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Technology
Akshay Chinchalkar, Head of Research, Axis Securities said, “The lack of confidence in Nifty continues to be strong as the resistance at 24700 has strengthened. The potential for an upside breakout towards the 24800 – 25000 hurdle zone remains high and should hold for this view to exit. .”
Asian markets
Asian stocks tracked Wall Street’s overnight session that posted US inflation readings that traded mostly higher. The key MSCI Asia ex Japan index rose 0.8 percent.
