Stock market today: Indian equities remained flat on Tuesday as market participants awaited crucial inflation reports from both India and the United States this week to gauge potential interest rate reductions.
The NSE Nifty 50 declined 0.04% to 24,610.05 points, whilst the BSE Sensex remained unchanged at 81,510.05.
Following three consecutive weeks of gains until Friday, the Nifty 50 has maintained a tight trading range of under 170 points.
"The Nifty saw another lackluster trading session, remaining confined within the range of 24,500 to 24,650. The sentiment is likely to stay sideways in the near term," Rupak De, senior analyst at LKP Securities told Reuters.
The upcoming U.S. CPI data release will likely influence the Federal Reserve's stance on interest rates, potentially affecting foreign investments in emerging markets like India. Domestic inflation data, expected to show a decline for November, will be released the following day.
The energy sector declined 0.6%, with Reliance and Oil & Natural Gas Corp (ONGC), comprising roughly 42% of the sector weighting, each dropping approximately 0.8%.
Reliance Industries, the second-largest Nifty 50 component, decreased after J.P.Morgan highlighted potential risks to FY2025 earnings growth.
ONGC declined following HSBC's reduction of its price target to a market-low, citing poor production growth history.
The IT sector showed strength with a 0.8% increase.
Infosys and LTIMindtree each gained about 1.3% and 3% respectively after receiving upgrades from HSBC, which identified them as preferred choices in the technology sector.
The broader smallcap and midcap indices advanced approximately 0.25% each.
Among specific shares, Life Insurance Corp of India dropped 3.9% following reduced November premium collections.
Property developer Godrej Properties rose 2% after Jefferies projected pre-sales growth of 35% to exceed $3.5 billion in fiscal year 2025.
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