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Business Honor
11 December, 2024
Indian shares ended flat as investors awaited key inflation data from India and the U.S.
Indian shares ended largely flat on Tuesday as investors awaited key inflation data from India and the United States later this week, which could provide clues on potential interest rate cuts in both countries. The NSE Nifty 50 index shed 0.04%, closing at 24,610.05 points, while the BSE Sensex settled flat at 81,510.05. After three consecutive weeks of gains, the Nifty 50 has since traded within a narrow range of less than 170 points.
"The Nifty saw yet another lackluster trading session. It remained in the range of 24,500 to 24,650. It is likely to remain sideways in the near term," said Rupak De, senior analyst, LKP Securities. With the U.S. Consumer Price Index (CPI) slated for release on Wednesday, investors are looking into it as it is more likely to have an impact on the Federal Reserve's interest rate policy. This, in turn, may have implications for foreign inflows into emerging markets such as India. Domestic inflation data will be released the next day, and economists expect a decline in November inflation.
Sector-specific movement saw the energy index dip by 0.6%, with major stocks like Reliance Industries and Oil & Natural Gas Corporation (ONGC), which together account for about 42% of the sector weightage, each shedding around 0.8%. Reliance, the second-largest stock in the Nifty 50, fell after J.P. Morgan highlighted near-term risks to its fiscal year 2025 earnings growth. ONGC fell after HSBC cut its price target to a street low, citing concerns over the company's production growth.
IT stocks, however, rose, with the Nifty IT index up 0.8%. Infosys, meanwhile, gained 1.3%, while LTIMindtree also rose about 3% after HSBC upgraded both stocks and named it as top picks in its IT sector report. It was a mixed bag for small-cap and mid-cap too, with small-cap moving slightly up by about 0.25%. Meanwhile, a couple of interesting ones were Life Insurance Corporation of India (LIC), falling nearly 3.9% from its total premium collections. On the other hand, Godrej Properties rose 2% after Jefferies forecast a 35% growth in pre-sales for fiscal year 2025.