Indian equity markets took a breather on Wednesday, December 10, as investors opted for caution ahead of the critical US Federal Reserve policy decision. While the headline indices faced selling pressure, the primary market stole the spotlight with the blockbuster debuts of Meesho and Aequs.
Market Closing Numbers
The benchmark indices ended the session on a weak note. The BSE Sensex shed 275 points, while the Nifty50 closed at 25,758. The Nifty50 opened on a positive footing but faced stiff resistance near the 25,950 zone. It drifted lower throughout the day, testing an intraday low of 25,735.
However, the 50-day EMA near 25,729 acted as a critical demand zone, attracting some defensive buying that prevented a deeper slide. Structurally, the index remains range bound, with strong supply in the 25,940 to 26,050 zone. A decisive breakout above 26,000 is essential to revive upside momentum.
(Source: NSE)
Sectoral & Stock Performance
Despite the broader weakness, specific pockets of the market showed resilience.
- Top Gainers: Eicher Motors led the Nifty pack with a 1.54 percent gain, followed by Hindalco (+1.07 percent), HDFC Life (+1.06 percent), Tata Steel (+0.83 percent) and Sun Pharma (+0.70 percent).
- Sector Watch: Nifty Media (+0.48 percent) and Nifty Metal (+0.46 percent) outperformed the general market. Sectors like Pharma, Oil & Gas and Chemicals also ended in the green. Conversely, Consumer Durables and IT were the top drags.
- 52-Week Highs: Several stocks defied the trend to scale fresh peaks, including AB Capital (₹368.95), AU Small Finance Bank (₹1,007.25), Eicher Motors (₹7,294) and TMCV (₹382.95).
(Source: Business Standard)
IPO Corner: Meesho & Aequs Debut
It was a Super Wednesday for IPO investors.
- Meesho: The SoftBank backed e-commerce firm made a stellar debut, listing at a 46 percent premium after its ₹5,421 crore IPO. The issue saw massive demand, subscribed 79 times overall, with Qualified Institutional Buyers (QIBs) leading the charge at 120 times.
- Aequs Ltd: Airplane parts maker Aequs listed at ₹140 on both NSE and BSE, marking a healthy 13 percent premium to its issue price.
(Source: CNBC TV-18)
Stocks in News
- Hindustan Zinc: Shares climbed as much as 5 percent as silver prices surged past $61, inching close to an all time high.
- Anupam Rasayan: The stock gained nearly 3 per cent after announcing the acquisition of a 100 per cent stake in Jayhawk Fine Chemicals.
- SpaceX: In global news, reports indicate SpaceX is accelerating plans for an IPO that could raise over $30 billion, potentially setting a new record for the largest listing in history.
(Source: CNBC TV-18, Business Standard)
Global Cues & Fed Watch
Global markets remained volatile due to rising Japanese bond yields and signals of monetary tightening by the Bank of Japan. However, the main focus remains on the upcoming US Fed meeting. A 25 basis point rate cut is widely expected, though mixed economic data may temper expectations for future cuts in 2026. This uncertainty, combined with persistent FII outflows and rupee weakness, kept Indian markets on edge.
(Source: CNBC TV-18, Business Standard)
The Bottomline
Wednesday was a mixed bag for investors. While the Indian equity market indices stayed quiet waiting for the US Fed decision, there was plenty of excitement elsewhere. The strong debut of Meesho and the rally in silver stocks show that investors are still eager to buy quality shares. For now, it is best to focus on individual winning stocks rather than the broader market until the Nifty crosses the 26,000 mark.
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