The Indian equity benchmarks closed nearly flat on Thursday, December 18, following three consecutive sessions of decline. The market struggled for direction amid weak global signals and a lack of fresh domestic catalysts.
A Day of Sideways Movement
Both the benchmark indices, the Sensex and Nifty 50, ended the trading session with marginal changes. However, the broader market showed resilience. The Nifty Midcap 100 index advanced by 0.34%, while the Nifty Smallcap 100 index gained 0.13%. This performance in mid and small-cap stocks helped offset the subdued sentiment in large caps.
Foreign Investors Make a Comeback
In a significant shift, Foreign Portfolio Investors (FPIs) turned net buyers in the cash market. After being net sellers for 14 straight trading sessions, they infused ₹1,171 crore into Indian equities on Wednesday, December 17. Market analysts noted that concerns over stretched valuations in the artificial intelligence (AI) trade in developed markets are prompting global funds to reconsider opportunities in emerging markets like India.
Notable Movers: Winners and Losers
Several stocks stood out with significant movements during the session. Among the top gainers were shares of HDFC AMC, Hindustan Copper, PB Fintech, IndiGo, and Hindustan Zinc. These stocks attracted strong buying interest despite the overall flat market trend. The list of major losers for the day was led by other prominent names, reflecting the selective profit-booking and sector rotation at play.
The trading day was also marked by a strong recovery in the Indian rupee against the US dollar, which provided some support. As the market consolidates, investors are keenly watching for new triggers that could provide a clear direction for the indices in the coming sessions.
