Stock Market News: Sensex Gains Over 400 Points, Nifty Closes Above 25,800 As Fed Rate Cut Cheers D-Street

Share Market News: Headline indices snapped a three-session losing spree on December 11, cheered by the US Federal Reserve’s decision to announce a rate cut. The Sensex finished around 84,818.13, up by 426.86 points or 0.51 per cent, and the Nifty 50 finished at 25,898.55, up by 140.55 points or 0.55 per cent.

The gains seen on D-street followed the U.S. Federal Reserve’s announcement of a 25-basis-point rate cut, which is likely to moderate the effect of foreign outflows. Despite the rate cut the US Federal Reserve indicated limited scope for further near-term easing.

Adani Enterprises and Jio Financial Services Lead Gainers

Shares of Adani Enterprises and Jio Financial Services led the gainers among Nifty 50 stocks as they closed 2.65 per cent and 2.63 per cent higher on the NSE. Other major gainers included Tata Steel, Eternal and Kotak Mahindra Bank, which finished higher by 2.57 per cent, 2.38 per cent and 2.06 per cent, higher. On the other hand, shares of Asian Paints, SBI Life Insurance and Bharti Airtel and shares of eight other stocks finished in the red, down by as much as 1 per cent.

Nifty Auto and Nifty Metal Gain

The Nifty Auto and Nifty Metal indices gained the most among all sectoral indices as they ended higher by 1.11 per cent and 1.06 per cent. Broader market indices also finished in the green with Nifty SmallCap 100 and the Nifty MidCap 100 closing higher by 0.81 per cent and 0.97 per cent, respectively.

Asian Markets on December 11

Most Asian markets finished lower on December 11, with the Nikkei 225 and KOSPI closing lower by 0.8 per cent and 0.59 per cent, respectively. Other indices such as the Hang Seng and the Shanghai Composite ended the session with declines of 0.01per cent and 0.7 per cent respectively.

Primary Market Action On December 11

The public issues of Nephrocare Health Services IPO and Park Medi World IPO continued to garner investor interest on December 11. On the other hand, the share allotment status of the Wakefit Innovations IPO and the Corona Remedies IPO will be finalised today as well.

Market Cues

In the upcoming sessions, D-street is expected to factor in updates related to the India–US trade deal. The US initial jobless claims, which will be released later today, and the India CPI data are also expected to frame investor sentiment in the upcoming sessions.