Gold Prices Slightly Down As Traders Await FOMC Decision

Gold spot and future prices were trading slightly down as traders await the outcome of the US Federal Open Market Committee, due to be published later today. The expectation is that there’ll be quarter–basis–point rate cut.

The Bloomberg spot Gold was 0.10% down at $2,644.16.

Stock Market Today: VA Tech Wabag Share Price Falls The Most In Four Years 

VA Tech Wabag Ltd. share price declined the most in four years as the company informed the order win for Saudi Arabi’s desalination project got cancelled.

Nifty, Sensex Decline At Open As Private Banks Stocks Drag: Opening Bell 

The NSE Nifty 50 and BSE Sensex declined at open as private banks stocks weighed. ICICI Bank Ltd. and HDFC Bank Ltd. shares were top dragger in the benchmark Nifty 50 during open.

As of 09:17 a.m., the Nifty 50 was 22.45 points or 0.1% down at 24,313.55, and the Sensex was 65.73 points or 0.1% down at 80,618.72.

The Nifty 50 has reversed its last week gains and closed near the support of 20-day average and sustenance below it could trigger further breakdown in index pivotal f The congestion range of the short- and medium-term averages will trigger an extended move from current levels over the next few days, said Vikas Jain, head, research at Reliance Securities.

RSI is trending below the average line and other key technical indicators are near the lower end of the range at current levels. f Highest call OI has moved lower to 24,700 strikes while the downside the highest put OI moved lower to 24,000 for the weekly expiry, Jain said.

Larsen & Toubro Ltd., ICICI Bank Ltd., Tata Motors Ltd., HDFC Bank Ltd., and Reliance Industries Ltd. weighed on the Nifty 50 index.

Sun Pharmaceutical Industries Ltd., ITC Ltd., Shriram Finance Ltd., Bharti Airtel Ltd., and HCLTech Ltd. added to the Nifty 50 index.

On NSE, nine sectors declined, three advanced out of 12. The NSE Nifty Media declined the most, and the NSE Nifty Pharma rose the most.

The BSE Midcap and Smallcap indices were trading 0.02% and 0.09% down, respectively.

On BSE, 15 sectors declined and six advanced out of 21. The BSE Capital Goods declined the most, and the BSE Focused IT rose the most.

Market breadth was split evenly between sellers and buyers. Around 1,492 stocks declined, 1,477 stocks advanced, and 104 stocks remained unchanged on BSE.

Stock Market Today: Nifty Down, Sensex Flat At Pre–Open

The NSE Nifty 50 was 0.16% or 38.05 points down at 24,297.95, and the BSE Sensex was 0.02% or 18.19 points down at 80,666.26.

“Indian markets faced considerable selling pressure yesterday, with FIIs offloading ₹6,409 crore in the cash market. Index heavyweights witnessed significant profit-booking. We expect the Nifty to trade within the range of 24,000 to 24,600, with a mildly bearish tone as participants maintain cautious positions ahead of a key event. Bank Nifty is expected to trade between 52,100 and 53,200,” IFA Global Research Academy said.

Yield On The 10-Year Bond Opens Flat

The yield on the 10-year bond opened flat at 6.75%. It closed at 6.76% on Tuesday, according to data on Bloomberg.

Rupee Opens Weaker Against Dollar

Rupee weakened by two paise to open at 84.92 against the US dollar. It closed at 84.90 on Tuesday, according to data on Bloomberg.

Stock Market Today: Geojit Financial Services On Vodafone Idea

  • Maintain Hold with a target price at Rs. 8.6, which implied an upside of 10%.

  • Target is based on 11.9x FY26E EV/EBITDA.

  • Fund-raising proposal expected to support expansion plan, payment of debt

  • While tariff hike increased ARPUs, revenue rose only marginally

  • Expects subscriber base to grow with expansion of 4G, 5G roll out in key geographies

Stock Market Live Updates: Rites Gets Order Worth Rs 123 Crore Meerut Development Authority

Rites Ltd. has received an order worth Rs 123 crore from the Meerut Development Authority for providing consultancy services, according to an exchange filing.

Stock Market Today: Nuvama On Gas Stocks 

Maintains ‘Reduce’ on Indraprastha Gas Ltd, Mahanagar Gas Ltd. and Hold on Gujarat Gas Ltd.

  • Believed fundamentals are unsupportive of latest rebound of gas stocks

  • Rebound in stocks on potential GST implementation that has uncertain benefits

  • While a GST rollout could imply a 9–11% upside for FY26 Ebitda, benefits would largely be passed on to consumers

  • Expect a Rs 1–3 per unit margin reduction; 17–44% QoQ decline in Q3 margins for gas cos

  • Q4FY25 to impact gas stocks gas cos will firm up long-term gas supply contracts

  • Volume growth in sector likely to suffer on reduced competitiveness of CNG to petrol and diesel

Stock Market Live: Antique Stock Broking On Real Estate

  • Bengaluru channel checks suggest approval challenges receded

  • Upcoming launches crucial for developers to meet FY25 guidance

  • Optimistic on project launches in Bengaluru, enabling players to surpass guidance

  • Key companies with significant launch pipeline in Bengaluru:

  • Prestige Estates, Godrej Properties,

  • Brigade Enterprises, Sobha,

  • Aditya Birla Real Estate, Macrotech Developers

Top Picks:

  • Maintain Buy on Aditya Birla Real Estate, TP Rs 3,804 (+40.2%)

  • Maintain Buy on Oberoi Realty, TP Rs 2,688 (+16.1%)

Stock Market Live: Nuvama On Coromandel International

Key Takeaways from Analyst Meet

  • Stock upgraded to ‘BUY’ from ‘HOLD’ with target price of Rs 2,347; potential upside 30%

  • Backward integration to boost EBITDA/ton by 40%

  • Focus on organic and inorganic growth in crop protection business.

  • Plans to double retail footprint and expand pan-India, including northern markets.

  • Opportunities in adjacent sectors like CDMO, drones, nano fertilisers

  • FY26E/27E EPS revised up by 2%/4%.

  • Plans to launch ~20 new domestic formulations.

  • Capex of Rs 160 cr for two new multi-purpose plants, operational by FY26/27.

  • Early entry strengthens Coromandel’s position in the nano fertiliser market.

Most Asia Stocks Rise Ahead Of Fed Meet Outcome

Most markets in Asia–Pacific region were trading higher ahead of the Federal Reserve meet outcome, due to be published later today.

The Nikkei 225 was 0.23% down. The S&P ASX 200 and KOSPI were trading 0.29% and 0.89% higher, respectively.

US Stocks End Lower As FOMC Meet Starts

On Tuesday, US share indices ended lower as the Federal Open Market Committee started its two–day policy meeting. The rate–setting panel is widely expected to cut rate by 25 basis points.

The Dow Jones Industrial Average and S&P 500 ended 0.61% and 0.39% down. The Nasdaq Composite settled 0.32% down.

GIFT Nifty Above 24,300; Ambuja Cements, Jindal Saw, Minda Corp Share Prices In Focus

The GIFT Nifty was trading above 24,300. Ambuja Cements Ltd. Jindal Saw Ltd., Piramal Enterprises Ltd., and Minda Corp Ltd. share prices are likely to react on news flow. Meanwhile, One Mobikwik Ltd. shares are set to list on the exchanges today.

The GIFT Nifty was flat at 24,364.50 as of 06:36 a.m.

The benchmark equity indices extended its fall for the second consecutive day on Tuesday, losing nearly 2% since Friday amid weak sentiment in the global markets a day ahead of the outcome of the US Federal Reserve’s meeting.

The NSE Nifty ended 332.25 points or 1.35% down at 24,336 and the BSE Sensex closed 1,064.12 points or 1.3% lower at 80,684.45.

. Read more on Markets by NDTV Profit.The Nifty 50 and Sensex struggled to find direction after lower open. Get live updates on Indian markets here on Dec 18.  Read MoreMarkets, Notifications 

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