BENGALURU: India’s Nifty 50 is set to open little changed on Thursday after profit booking on Wednesday led to its worst session in nine months, while a global stock market rally stalled.
India’s GIFT Nifty was trading at 21,143 as of 8:15 a.m. IST, indicating the NSE Nifty 50 is likely to open near its Wednesday close of 21,150.15.
In the previous session, the Nifty and BSE Sensex shed 1.41% and 1.30%, respectively, as selling pressure emerged across public sector banks, information technology, energy and metal stocks after a recent rally.
Despite the fall, however, the Nifty is still up 5.05% in December so far, and is likely to post its second-best month in 2023.
The small- and mid-caps slipped 3.63% and 3.27% on Wednesday, posting their worst session in three months and 12 months, respectively.
IT, consumer stocks power India’s Nifty, Sensex to new record highs
The slide comes after a stark outperformance by small- and mid-caps over Nifty 50 in 2023, aided by higher domestic mutual fund inflows into these segments.
Analysts expect the markets to face further consolidation till the end of the year.
Asian shares opened lower after a drop in Wall Street equities overnight ahead of US third quarter growth data on Thursday and a key inflation reading on Friday.
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