Midday Market Update: Sensex Retreats from Highs, Yet Stays Positive; Realty and Metal Stocks Lead
As of midday trading on December 23, 2024, India's benchmark indices have experienced a pullback from their earlier peaks but remain in positive territory. The BSE Sensex, after climbing over 450 points from the day's low, is trading at 78,674.76, up 0.81% from the previous close. Similarly, the Nifty 50 index has gained 0.91%, reaching 23,802 points. Business Standard
Sector Performance: Realty and Metals Shine
The realty and metal sectors are leading the market's upward movement. The Nifty Metal index has surged by 1.65%, with notable gains in stocks like Jindal Steel and Power, Steel Authority of India, and JSW Steel. The realty sector is also performing well, contributing to the overall market strength. Business Standard
Banking Stocks Rally
Banking stocks are contributing significantly to the market's positive momentum. HDFC Bank and ICICI Bank are among the top gainers, with HDFC Bank's stock rising nearly 2%. Analysts have raised HDFC Bank's target price to ₹2,100, citing its attractive valuations and strong asset quality. Equitymaster
Global Cues and Investor Sentiment
Asian markets are trading higher, buoyed by favorable U.S. inflation data, which has reignited expectations of potential rate cuts. This positive sentiment is reflecting in Indian markets, contributing to the midday gains. Equitymaster
Market Outlook
While the market has retreated from its earlier highs, the positive performance of the realty, metal, and banking sectors indicates underlying strength. Investors are advised to monitor sector-specific developments and global economic indicators to navigate the current market dynamics effectively.
For a visual overview of today's market movements, you can watch the following video: