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Stock Market Live Updates: Market Extends Weakness; Sensex & Nifty Shed Over 1% Each, IT Stocks Drag
On Thursday, after tracking the weak global cues the Indian stock market opened on a bearish note as Nifty opened below the 24,000 mark at 23,877.15 whereas Sensex plummeted over 900 pts in the opening session. On the Nifty 50 index, the top gainers were Dr Reddy's Laboratories and Tata Consumer Products whereas the top losers were Wipro, Hindalco, Shriram Finance, Asian Paints and ONGC. Following Wednesday's 25 basis point interest rate drop by the US Federal Reserve, the global stock market responded by seeing a decline in both the US and Asian stock markets. Chaos selling occurred in the US market on December 18 following the rate drop by the FOMC, which was headed by Jerome Powell. By plunging more than 1,200 points, the Dow Jones continued its worst losing run since 1974. The Nasdaq Composite fell more than 3.5 per cent, while the S&P 500 fell 1.5 per cent. Nikkei, Kospi, and Hang Seng all had 1% declines in early trading today, as the Asian market saw a severe sell-off.
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DOMS Industries Drops 4% as FILA Offloads Partial Stake via Block Deal
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Rupee Hits Historic Low, Breaches 85 Against Dollar Amid Hawkish Fed Signals
On December 19, the Indian rupee plunged to an all-time low, crossing the 85-mark against the US dollar for the first time. This sharp depreciation follows the US Federal Reserve’s unexpectedly hawkish policy stance, which propelled the dollar index to a two-year high, unsettling global financial markets.
Tata Chemicals Stock in Spotlight as Tata Consumer Debunks Starbucks Exit Rumors
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ICICI Bank Shares In Focus
The introduction of a super-premium co-branded metal credit card was announced by ICICI Bank and Times Internet, the internet division of The Times of India Group. The "Times Black ICICI Bank Credit Card," powered by Visa, offers outstanding experiences, travel perks, luxury lifestyle services, and carefully chosen advantages to satisfy the preferences of wealthy people.
Opening Bell
Given Asian patterns and the decline in US equities as a result of the Fed's quarter-percent rate drop and subsequent shift to a more hawkish stance, the Indian stock market saw a steep sell-off on Thursday following the US Fed's expected 25 basis-point interest rate cut. The Indian stock market began on a negative note on Thursday after following the weak global signals. The Sensex fell more than 900 points in the first session, while the Nifty opened below the 24,000 level at 23,877.15.
Fed Chief Spooks the Markets with Slower Rate Cut Warning
“US Fed cut interest rates by 25 basis points as per expectations. However, the Fed Chief warned that rate cuts may not come so easily in 2025 as anticipated earlier. Inflation is on its way down due to the higher base effect but the prices are still high compared to where they were before Covid. Hence, the Fed Chief urged to maintain a 'cautionary' stance before cutting rates next year. The realisation that rate cuts are not coming soon spiked the US 10 year bond yields higher above 4.5%. Dow Jones too continued with its losing streak for 10th day and S&P 500 fell sharply by 3% in a day. If the bond yields continues to move higher then US markets could witness further cuts going in to the new year. Our markets won't have much of an option but will follow suit,” said Mr. Apurva Sheth, Head of Market Perspectives and Research , SAMCO Securities.
Rupee Vs Dollar
After closing at 84.95 against the US dollar on Wednesday, the Indian rupee drops to a historic low of 85 against the US dollar on Thursday.
Nifty Outlook Today By Akshay Chinchalkar, Head of Research at Axis Securities
The Nifty is slated to open very weak, given the trends across Asia and the slump in US stocks thanks to the Fed cutting rates by a quarter percent but turning more hawkish. 24,000 is important support but should we gap down below it, the next critical level lies at the November 28 trough of 23873. Anything under this and the bullish head-and-shoulders pattern with a target of 25500 will have failed and the 23,300 lows will become vulnerable again. Immediate resistance lies at 24500. Options data also shows that the range of movement has shifted lower as call sellers have begun shorting strikes closer to the current price, in a more aggressive bearish stance.
Bank Nifty Prediction Today By Om Mehra, Technical analyst, SAMCO Securities
Nifty Bank concluded the session at 52,139.55, reflecting a decline of 1.32% and signalling a shift in its recent momentum. The index disrupted its higher high and higher low trajectory on the hourly chart, breaking decisively below the prior swing low of 52,264. Although Nifty Bank fell below the 10- and 20-day averages, it managed to stay above the 50-day average, offering a glimmer of hope amid the overall weakness. The daily RSI remains at 45, indicating moderate bearish momentum, while the hourly RSI has entered the oversold zone, suggesting the potential for a short-term pullback. The support level remains at 51,800, but a breach below 51,700 could push the index lower, possibly to 51,270.
Nifty Prediction Today By Om Mehra, Technical analyst, SAMCO Securities
The index continues to trade below the 9, 20, and 50 EMAs. The daily RSI remains at 45, indicating moderate bearish momentum, while the hourly RSI has dipped into the oversold zone, hinting at a short-term pullback. However, if such a recovery occurs towards the resistance range of 24,440-24,490, it should be viewed as a relief rally rather than a bullish trend reversal. A break below 24,150 could accelerate the decline towards 24,000-23,900. On the flip side, for Nifty to exhibit bullish intent, a close above 24,520 is imperative. Until then, the broader trend is likely to remain non-directional, with a slight positive bias.
Bank Nifty Options Market Insights By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
Bearish sentiment continues to grip the derivatives market, as significant call writing weighed heavily on the session. The 53,000-strike call witnessed the highest open interest at 28.03 lakh contracts, establishing a key resistance level. Conversely, the 52,500-strike put saw substantial additions, with open interest climbing to 14.89 lakh contracts, marking a notable support zone. Concentrated trading in the 52,200–53,000 call range and 52,000–52,100 put range suggests resistance near 53,000 and support at 52,000. Increased call writing between 52,500 and 53,000 signals declining bullish confidence, while put unwinding at lower strikes hints at growing bearish sentiment. The put-call ratio (PCR) declined to 0.47 from 0.65, reflecting a clear bearish bias. However, with the PCR in oversold territory, a short-term rebound remains possible. The "max pain" level at 52,700 suggests it may act as a temporary support zone.
Nifty Options Market Insights By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
Derivatives market reflects a bearish undertone, with aggressive call writing leading the session. The 24,500-strike call accumulated the highest open interest at 1.14 crore contracts, underscoring it as a formidable resistance. Conversely, the 24,000-strike put holds 85.55 lakh contracts, signifying robust support. Heavy call writing in the 24,200–24,500 range reinforces strong resistance, while diminishing put positions at lower levels indicate waning bullish sentiment. The put-call ratio (PCR) declined sharply to 0.37 from 0.48, highlighting a bearish tilt. However, the oversold PCR suggests that a temporary pullback cannot be ruled out. The "max pain" level at 24,500 implies limited downside in the near term.
Nifty Outlook Today By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
On the daily chart, the index hovers near a crucial support zone of 24,180–24,150. A decisive breach below this level could accelerate selling pressure. Meanwhile, any recovery attempt faces immediate resistance near 24,350–24,400, coinciding with the 20-day EMA. The inability to reclaim the 10- and 20-day exponential moving averages (DEMA) highlights weak buying interest at elevated levels. On the hourly chart, the RSI remains in oversold territory between 20–30, suggesting that a minor rebound may be imminent. However, sellers continue to dominate at higher levels, keeping the broader sentiment subdued.
Nifty Outlook Today By Rajesh Bhosale, Technical Analyst - Angel One
Momentum suggests that the psychological level of 24000, followed by 23900, which aligns with the 200-day SMA and the 61.8% Fibonacci retracement of the recent rally, will act as key support levels on the weekly expiry day. On the upside, resistance levels are seen at regular intervals, with today’s early bounce around the 89-day EMA near 24400 marking the immediate hurdle. The broader uptrend may only resume once the index crosses 24750. With the FED policy announcement and weekly expiry on the horizon, heightened volatility is anticipated. Traders are advised to avoid excessive risks and wait for a clearer trend before making aggressive moves.
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