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It was yet another day dominated by the bears as the Indian stock market logged losses for the third straight day on Wednesday, December 17, with sentiment remaining subdued, even as the Indian rupee staged a sharp recovery from its recent slump.

After losing 0.64%, the Nifty 50 dropped another 0.18% to settle at 25,812, breaching the key support of 25,850, while the S&P Sensex also extended losses, falling 0.12% to 84,576 points. The latest sell-off has led both indices to lose over 1.4% in December so far.

The broader market also remained weak, with the Nifty Midcap 100 index falling 0.66% and the Nifty Smallcap 100 index plunging even deeper by 0.74%.

Mixed signals from the US jobs data kept the Federal Reserve's rate trajectory outlook uncertain, suppressing risk appetite, which is spilling over into emerging markets as well.

Sector-wise, most key indices posted losses, led by Nifty Media, which cracked 1.71%, followed by Nifty Consumer Durables and Nifty Realty, which fell 0.96% and 0.84%, respectively. On the gaining side, the Nifty PSU Bank made a strong comeback from recent losses, rising 1.29%, while the Nifty IT and Nifty Metal indices also advanced 0.29% and 0.25%, respectively.

Mixed signals from the U.S. jobs data kept the Federal Reserve’s rate trajectory outlook uncertain, suppressing risk appetite, which is spilling over into emerging markets as well.

US jobs growth rebounded more than expected in November, but the unemployment rate rose to a four-year high of 4.6%. Investors are now awaiting the US consumer price inflation data for November, due on Thursday.

Meanwhile, the Indian rupee staged a sharp recovery as it strengthened nearly 1% against the US dollar to reach 89.97 on Wednesday, after closing at a record low in the previous session.

The relentless fall in the currency has finally forced the RBI to intervene, resulting in the biggest single-day gain for the rupee.

(more to come)

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