Indian stock markets kicked off Friday on a cautious note, with benchmark indices showing a flat start amid mixed global cues and ongoing foreign investor outflows. As the week wraps up, the Sensex hovered around 85,300, inching up just 50 points to 85,316.78 by 10:30 AM.
The Nifty, meanwhile, clung to gains of 13 points, trading above the 26,000 mark at 26,047. This subdued vibe comes after Thursday's modest rally, where investors weighed domestic buying against persistent FII selling pressure.
Sector-wise, the mood was patchy. Fifteen of the 30 Sensex stocks and 26 out of 50 Nifty constituents dipped into the red early on. Media, metal, and pharma shares faced the brunt of selling, dragging down indices like the Nifty Media, which extended losses from the previous session.
On the flip side, auto, IT, and realty stocks sparked some optimism, buoyed by expectations of festive season demand and easing global tech tensions. "It's a wait-and-watch game today," says market analyst Ravi Sharma from a leading brokerage. "Domestic flows are holding the fort, but FII caution could cap big moves."
Globally, Asian markets painted a mixed picture. South Korea's KOSPI climbed 0.62% to 4,053, shrugging off trade jitters. Japan's Nikkei, however, tumbled 1.10% to 50,465, hit by yen strength and weak export data. Hong Kong's Hang Seng edged down 0.50% to 25,805.
Across the Pacific, US markets closed marginally mixed on December 4: the Dow Jones slipped 0.067% to 47,851, while the Nasdaq eked out a 0.22% gain at 23,505. The S&P 500 nudged up 0.11% to 6,857, supported by tech resilience.
Adding some sparkle to the session were IPO buzzes. E-commerce darling Meesho's much-awaited public offering, priced at ₹105-₹111 per share, has been a runaway hit. Launched on December 3, it clocked 8.28x subscription in the first two days, with retail investors snapping it up 9.65x.
Today marks the final day to bid, with a minimum investment of ₹14,685. Analysts peg the listing price at around ₹160.5 for Monday morning. "Meesho's strong retail pull reflects investor faith in India's digital boom," notes IPO expert Priya Mehta.
Not far behind, Exicom Limited's IPO (₹118-₹124 band) is subscribed 11.49x, eyeing a ₹165 debut. Vidya Wires (₹48-₹52) followed at 8.94x, with an estimated ₹57.5 listing. All three close today, offering fresh opportunities for retail punters amid a frothy primary market.
Behind the scenes, FIIs continued their December sell-off, dumping ₹1,944.19 crore in cash equities on December 4. Over the first four days, they've offloaded a whopping ₹9,965 crore – a stark contrast to November's ₹17,500 crore exit. Thankfully, DIIs stepped in as saviors, mopping up ₹3,661 crore that day and ₹15,596 crore so far this month. Last month, DIIs poured in ₹77,084 crore, underscoring robust homegrown support.
Looking ahead, Bank of America struck an upbeat chord, forecasting the Nifty at 29,000 by 2026 – an 11% jump from current levels. The bank bets on earnings growth over valuations, predicting steady income expansion to fuel the bull run.
Thursday's close set a positive tone: Sensex rose 159 points to 85,265, Nifty added 48 to 26,034. Twenty Sensex stocks advanced, alongside 34 Nifty gainers, led by auto, IT, and realty. Media lagged, down 1.45%.
As trading unfolds, eyes will be on US jobs data and Fed signals for fresh direction. For now, India's market resilience shines through the noise – a classic tale of domestic grit meeting global headwinds.
1.jpg)
