Indian Markets Bounce Back: Sensex and Nifty Kick Off Thursday on a High Note
After a slight dip yesterday, India's benchmark indices are off to a promising start today. The Sensex climbed 138 points to trade at 85,245, while the Nifty edged up 33 points to 26,019 in early hours. This rebound signals renewed investor confidence, with auto, IT, and metal stocks stealing the show amid robust buying interest.
Out of the 30 Sensex constituents, 20 are painting the tape green, and 33 of the 50 Nifty stocks are in positive territory. Heavyweights like Tata Motors, Infosys, and JSW Steel are leading the charge, buoyed by positive global cues and domestic optimism. On the flip side, media and pharma sectors are lagging a bit, with names like Zee Entertainment and Sun Pharma facing mild selling pressure.
This positive open comes on the heels of Wednesday's close, where the Sensex slipped 31 points to end at 85,107, and the Nifty shed 46 points to settle at 25,986. Back then, auto, energy, and FMCG shares dragged the indices down, while IT and banking stocks provided some cushion. Today's recovery hints at bargain hunting in beaten-down segments.
Global Cues: Mixed Bag from Asia, Solid US Finish
Overseas markets are offering a mixed backdrop. Asian bourses showed divergence – Japan's Nikkei soared 1.47% to 50,596, and Hong Kong's Hang Seng inched up 0.41% to 25,867. However, South Korea's KOSPI bucked the trend, tumbling 1.15% to 3,990 amid regional trade jitters.
Turning to the US, Wall Street wrapped up December 3 on a cheerful note. The Dow Jones rose 0.86% to 47,882, the S&P 500 gained 0.30% at 6,850, and the Nasdaq Composite added a modest 0.17% to 23,454. Tech resilience and easing inflation fears kept sentiment buoyant across the pond.
IPO Frenzy: Meesho Leads the Charge with Stellar Day 1 Subscription
Adding fuel to the market fire is the hot IPO season. E-commerce darling Meesho's public offer, priced at ₹105–₹111 per share, exploded onto the scene with a 2.35x subscription on Day 1 (December 3). Retail investors went all-in, oversubscribing their portion 3.86x within the first hour alone. With a minimum lot size requiring ₹14,685, experts eye a listing pop to around ₹156.
It's not just Meesho – two other IPOs are drawing crowds. EX Limited, in the ₹118–₹124 band (min investment ₹14,880), clocked 3.42x on debut, with listing hopes at ₹169.5. Vidya Wires, priced ₹48–₹52 (min ₹14,976), hit 2.89x and could list near ₹57. All data as of December 3; the trio remains open till December 5. This trio underscores retail enthusiasm in a volatile backdrop.
FII Selling vs. DII Backbone: Domestic Players Step Up
Behind the scenes, foreign institutional investors (FIIs) continue their December sell-off, offloading ₹3,206.92 crore on Wednesday alone. Over the first three days, FIIs dumped ₹8,020.53 crore. November was even steeper, with ₹17,500.31 crore in sales.
But fear not – domestic institutional investors (DIIs) are the unsung heroes, mopping up ₹4,730.41 crore on December 3 and ₹11,935.28 crore so far this month. In November, DIIs poured in a whopping ₹77,083.78 crore. This steady support from local funds is what's keeping the ship afloat despite global headwinds.
As trading progresses, eyes will be on inflation data and US Fed whispers. For now, the mood is cautiously upbeat. Investors, stay tuned – could this be the start of a December rally?
