Sensex, Nifty swing between high, lows in volatile trade ahead of U.S. inflation data

Equity indices rise in volatile trade amid mixed global trends, investors await U.S. inflation data for cues.

Equity benchmark indices Sensex and Nifty edged up in volatile trade on Wednesday (December 11, 2024) amid mixed global trends ahead of the U.S. inflation data.

Market analysts said investors will monitor the November U.S. CPI, the final inflation reading for further cues before the Federal Reserve's year-end policy meeting. The 30-share BSE Sensex rose 55.04 points or 0.04% to 81,565.09 in the morning trade. Similarly, the broader NSE Nifty went up 30.40 points or 0.12% to 24,640.45.

From the 30-share pack, UltraTech Cement, Nestle India, Mahindra & Mahindra, Sun Pharmaceutical, Asian Paints, Maruti, Infosys and Tata Motors were among the gainers. HCL Technologies, ICICI Bank, Tech Mahindra, Bajaj Finance, Bajaj Finserv, Tata Consultancy Services, Titan and HDFC Bank were the laggards.

In Asian markets, Seoul, Hong Kong and Shanghai were trading in the green territory, while Tokyo quoted in the red. "Asia-Pacific markets were mixed on Wednesday (December 11, 2024), after major Wall Street benchmarks declined ahead of key inflation data that could influence the Federal Reserve’s interest rate decision," Deepak Jasani, Head of Retail Research at HDFC Securities, said.

The U.S. markets closed lower in overnight deals on Tuesday (December 10, 2024). Global oil benchmark Brent crude rose 0.54% to $72.58 a barrel.

"Nifty is in a consolidation range and is likely to remain in this consolidation phase with a mild upward bias in the near-term. The biggest positive for the market is the return of the FIIs and the consequent strength in the large caps, particularly in banking and IT," V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

Vijayakumar further noted that FIIs turning buyers have enthused the retail investors who have been on the defensive after the near 10% correction from the September peak. Foreign Institutional Investors (FIIs) bought equities worth ₹1,285.96 crore on Tuesday (December 10, 2024), according to exchange data.