NIFTY50 and Sensex close flat, snap 7-day winning streak; Stock Market Highlights

Thank you, readers! That's all from Upstox.com's live market coverage on 7 December 2023. We’ll be back with our live coverage at 8:00 am on Friday.

The NIFTY Financial Services index was up 0.02% today. IEX (+6.5%) and SBI Card (+2.8%) were the top gainers, whereas REC (-1.6%) and Chola Fin (-1.4%) were the top losers.

The NIFTY Smallcap 100 index closed 0.3% higher. The NIFTY Midcap 100 Index also closed in green, up 0.5%.

The BANK NIFTY (+0.01%) index closed flat today. Weakness in ICICI Bank (-0.6%), IDFC First Bank (-2.9%) and Federal Bank (-0.1%) was a drag on the index.

India’s benchmark indices NIFTY50 (-0.1%) and Sensex (-0.1%) closed flat as investors took a breather after a record rally. Out of the NIFTY50 universe, 27 stocks made gains. On the sectoral front, Media (+1.0%) and Pharma (+0.7%) are the top gainers, while FMCG (-0.9%) and Metal (-0.7%) are the top losers.

• Long build up: NTPC, HDFC Life, Asian Paints, Ultratech and SBI
• Short build up: HUL, Bharti Airtel, Apollo Hospitals, ICICI Bank and Hindalco

The Indian central bank’s rate setting panel will announce its interest rate decision on Friday at 10 am. The street expects the panel to keep rates unchanged at 6.5%.

Experts state that the RBI officials could flag off the inflation risk amid repeated food price shocks. They also expect the Indian central bank to raise its annual GDP growth forecast marginally.

India VIX, which is a measure of volatility of Indian markets, is down 7% today.

This comes as the NIFTY50 and Sensex take a breather after a record rally.

Shares of the government-owned infrastructure company are down 7% today.

The government is selling 8% stake in the company through the offer for sale (OFS) route. The OFS is open for subscription on 7 December and 8 December. The issue price is ₹154 per share, which is lower than the current share price.