Stock Market Today: Nifty 50, Sensex snap two-day winning run ahead of key macro numbers

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Equity benchmarks Nifty 50 and Sensex snapped their two-day winning run on Tuesday, December 12, on profit booking in select heavyweights as investors turned cautious ahead of the release of key domestic and global macroeconomic prints.

Among the key macro data, India’s consumer price index (CPI)-based inflation, or retail inflation, for November is expected today. India’s retail inflation might have risen by nearly 6 per cent in November, from 4.87 per cent in October, led by a sharp rise in vegetable prices.

Also Read: Retail inflation likely rose near 6% in November; should investors be worried?

Besides, investors also await India’s industrial production prints for October. The index of industrial production, or IIP, may come at 10 per cent against 5.8 per cent in September.

Globally, investors await US CPI for November which will give a cue on the US Fed’s next move on the monetary policy. The United States Federal Reserve’s two-day monetary policy meeting starts today. Fed Chair Jerome Powell will announce the central bank’s rate decision on Wednesday, December 13.

After the RBI’s status quo on policy rate and stance, the US Fed is also expected to keep interest rates steady in the current 5.25-5.50 per cent range.

Also Read: US Fed meet this week: Cooling inflation, resilient jobs market – will Fed hold rates steady?

Nifty 50 touched its fresh record high of 21,037.90 but failed to hold gains and ended 91 points, or 0.43 per cent, down at 20,906.40.

The Sensex ended at 69,551.03 with a loss of 378 points, or 0.54 per cent.

(More to come)

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Published: 12 Dec 2023, 03:30 PM IST

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