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The Indian stock market was largely unchanged in Thursday’s session, December 18, as it lacked clear direction following three consecutive days of losses. Weak global cues and a lack of fresh triggers continued to keep sentiment subdued, even as the Indian rupee staged a strong recovery.

Both the Nifty 50 and Sensex closed flat, while the broader market managed to buck the trend, as the Nifty Midcap 100 and Nifty Smallcap 100 indices rallied 0.34% and 0.13%, respectively.

After remaining net sellers for 14 trading sessions, FPIs turned net buyers, pouring ₹1,171 crore into equities during Wednesday’s trade. Analysts said that a weakening global AI trade amid valuation concerns is prompting overseas investors to shift their focus back towards emerging markets.

Vinod Nair, Head of Research, Geojit Investments Limited, said, "Domestic equities navigated a volatile session amid subdued global cues, with large-cap stocks lagging behind mid- and small-cap counterparts. After three consecutive declines, early gains were supported by value buying and a rupee recovery aided by central bank intervention. However, lingering uncertainty over a potential U.S.–India trade deal dampened sentiment, prompting profit-booking later in the day."

Sector-wise, performance was mixed, with media, auto, pharma, and oil and gas stocks witnessing selling pressure, while IT, consumer durables, real estate, and metal stocks attracted buying interest.

(more to come)

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