Sensex, Nifty Decline Ahead of India CPI Data and Weekly F&O Expiry; Energy, Auto Stocks Drag

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The Indian stock market witnessed a downturn on Thursday as the Sensex and Nifty slipped in early trading, weighed down by cautious investor sentiment ahead of the release of India's Consumer Price Index (CPI) data for November and the weekly Futures and Options (F&O) expiry. Energy and auto stocks were the primary laggards, exerting pressure on the indices.




Key Market Movements:

  • The BSE Sensex dropped by over 200 points, hovering around 66,800 levels.
  • The NSE Nifty 50 slipped below the 19,950 mark, extending losses from the previous session.
  • Broader markets mirrored the decline, with the Nifty Midcap and Smallcap indices registering marginal losses.

Sectoral Performance:

  • Energy Stocks: Heavyweights such as Reliance Industries and ONGC faced selling pressure amid fluctuating global crude oil prices.
  • Auto Sector: Shares of leading automobile manufacturers like Maruti Suzuki and Tata Motors fell, dragged down by concerns over slowing demand in the domestic market.
  • IT and Pharma Stocks: These sectors showed resilience, with stocks like Infosys and Sun Pharma trading in the green, providing some support to the indices.

Investor Sentiment:

Market participants adopted a risk-averse approach as they awaited the CPI inflation data, which is expected to provide insights into the Reserve Bank of India's (RBI) future monetary policy stance. Additionally, the weekly F&O expiry added to the volatility, with traders squaring off positions in anticipation of a choppy session.

Global Cues:

Weak global market trends also influenced domestic sentiment. Overnight, Wall Street ended lower as concerns over persistent inflation and interest rate hikes dampened investor optimism. Asian markets opened mixed, further impacting market mood.

Outlook:

Analysts predict continued market volatility until the CPI data release, with inflation expectations playing a key role in shaping market direction. Traders are advised to remain cautious and focus on sectors less vulnerable to global uncertainties.

Stay tuned for updates on CPI data and its potential implications for the market.

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