Nifty Snippet Ahead of Election Results & Expert’s View on Dalal Street

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Nifty Snippet Ahead of Election Results & Expert’s View on Dalal Street
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market made a flat opening on Dec 8 amid mixed global cues and market Futures like SGX Nifty Futures and Dow Futures traded on a muted note in the pre-opening session.

Asian markets followed a mixed closing in the overnight session on Wall Street, as investors weighed recessionary pressures and tried to decipher the size of the Federal Reserves’ interest rate hike at the upcoming policy meet.

Investors back home await the election results from Gujarat and Himachal Pradesh, which appear to have a sentimental effect on the market.

At the time of writing, benchmark indices Nifty50 gained 0.18%, nearing the 18,600 mark, and Sensex rose 0.19% or 121.03 points. The market volatility barometer India VIX tumbled 2.71%.

Under the Nifty umbrella, sectoral indices traded mixed, led by Nifty PSU Bank , jumping 1.4%, while Nifty Bank rose 0.65%. Nifty Pharma and Nifty Healthcare declined the most.

In a note provided to Investing.com, Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services pointed towards RBI Governor Saktikanta Das’ statement that despite the Indian economy doing well amid slowing growth and inflation fears globally, ‘the global spillovers are slowing down India’s economic momentum.

Vijayakumar indicates the upcoming week to be significant for global equity markets, attributing to the US inflation print and the FOMC meet.

“The market is likely to consolidate around the current levels till then. The PSU banking space, particularly the leading names, is likely to continue to remain resilient. Capital goods stocks are showing strength,” the expert added.

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