Today, the Indian stock market opened sluggishly again on the day of the Nifty's weekly expiry. The benchmark indices opened with a decline. Compared to the previous closing, the Sensex opened down by 50 points at 81,476. Meanwhile, the Nifty fell by 37 points to open at 24,604, and the Bank Nifty opened lower by 190 points at 53,201.
The IT, metal, and pharma indices showed some gains. Additionally, an upward trend was observed in the healthcare index. Except for these four indices, all other indices were trading with declines. Shares of Hindalco, ONGC, Tech Mahindra, Cipla, and TCS saw gains on the Nifty, while Ultratech Cement, SBI Life, Trent, Bajaj Auto, and Asian Paints experienced declines.
In the currency market, the rupee weakened by 1 paise, reaching 84.84 against the dollar. Mixed signals are coming from global markets. While trading is ongoing in the domestic market, mixed trends are being seen in global markets. The U.S. markets are also exhibiting mixed tendencies. Yesterday, powered by tech shares, the Nasdaq surged by 350 points for the eighth consecutive day, crossing 20,000 for the first time, while the Dow fell by 100 points for the fifth consecutive day.
Possibility of Fed Rate Cut
According to forecasts in the U.S., following inflation data, experts believe there is a 99% chance of a rate cut by the Fed next week. In November, the CPI was at 2.7% and the core CPI at 3.3%. This morning, the GIFT Nifty was flat near 24,750. Dow futures had fallen by 80 points. However, after two days of sluggishness, a surge of 650 points was observed in the Nikkei index in the Asian markets.