Indian Stock Market Update
The Indian stock market benchmarks, Sensex and Nifty 50, fell for the second consecutive day on Tuesday, December 9, due to global uncertainty before the US Federal Reserve's policy announcement.
The Sensex dropped 436 points, or 0.51%, to close at 84,666.28, while the Nifty 50 declined 121 points, or 0.47%, to finish at 25,839.65. However, mid- and small-cap stocks showed a recovery and performed better than the main indices. The BSE Midcap index rose 0.60%, and the Smallcap index gained 1.27%.
Sector-wise Performance
Some sectors did well, while others struggled. The top performers were:
- Nifty Consumer Durables, which rose 1.31%
- PSU Bank, which climbed 1.29%
- Realty, which added 0.95%
- Media, which gained 0.70%
On the other hand, the following sectors struggled:
- Nifty IT, which dropped 1.19%
- Auto, which slipped 0.72%
- Financial Services, which fell 0.50%
Expert Opinion
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said that the Nifty index had a negative opening due to weak global cues.
Parekh expects the Nifty index to need a decisive close above the 26,000 zone to establish some conviction and expect further rises in the coming days.
Stock Recommendations
Vaishali Parekh recommended three stocks for intraday trading:
- Texmaco Rail & Engineering: Buy at ₹126, Target ₹135, Stop Loss ₹122
- Kabra Extrusion Technik: Buy at ₹228, Target ₹240, Stop Loss ₹222
- Fortis Healthcare: Buy at ₹865, Target ₹885, Stop Loss ₹855
Please note that these recommendations are for educational purposes only, and investors should consult certified experts before making any investment decisions.