Stock market today: Key things to know before the opening bell on December 16

Indian benchmark indices closed the previous week in green amid volatile sessions throughout the week. The NIFTY50 and SENSEX closed with 0.3% gains for the week, led by strong FII buying and buoyant global markets. The coming week is also expected to remain volatile, with key events lined up during this week. The GIFT nifty indicates a muted start for the market on Monday, 16 December 2024, amid mixed global cues.

Global markets

US markets closed largely unchanged on Friday after a record-breaking rally last week. Market participants await key decisions in the upcoming Federal Reserve policy meeting this week and will pay close attention to Fed Chairman Jerome Powell's forward guidance.

Asian markets

Asian markets traded mixed across the board on Monday morning, with Chinese markets trading in red after weak home sales data indicated a persistent slump in consumption demand. In Japan, the NIKKEI 225 traded 0.3% higher ahead of the Bank of Japan’s key decision on interest rates in the coming policy meeting this week.

Crude oil

The crude oil prices witnessed profit booking on Monday morning after nearly 6% jump in the prices in the last week. The WTI and Brent crude oil prices jumped 5.8% and 4.6% higher in the last week amid multiple factors including sanctions on Russian and Iran. News on boosted stimulus by largest consumer China aided for strong demand scenario for oil prices throughout the week.

FII and DII data

Foreign institutional investors remained net buyers for the week and continued their buying momentum for December. After the relentless selling in October and November, FIIs have bought Indian equities worth ₹11,000 crore in December so far. On the other hand, the DII, too, has bought equities worth ₹4,600 crore.

Chart check

The NIFTY50 and SENSEX closed in green amid a volatile week, which was crucial to confirm the positive momentum in the markets. Both benchmark indices closed above 20SMA weekly levels for two consecutive weeks, indicating strength in the market's current rally and giving hope for the bulls for this week as well.