Indian Stock Market Decline: Nifty and Sensex Fall on Fed Rate Decision Anticipation

On December 18th, 2024, the Indian stock market experienced a continued downturn, with the Sensex falling 502.25 points (0.62%) to 80,182.20 and the Nifty dropping 137.15 points (0.56%) to 24,198.85, marking the third consecutive day of losses.

This decline was largely attributed to investor caution ahead of the anticipated Federal Reserve rate decision, with most sectors ending in the red except for Pharma, while Midcap and Smallcap indices shed 0.5 percent each;  Tata Motors was among the biggest losers, while Trent led the gainers.

Despite the bearish trend, the Nifty 50 showed signs of oversold conditions on the hourly chart, suggesting a potential bounce, with immediate resistance and support levels at 24,370 and 24,100 respectively;  Over 240 stocks on the BSE reached their 52-week highs.