Stock market today: The Indian stock market on Tuesday, December 26, started the last week of 2023 on a subdued note amid weakness in IT and realty stocks. Globally, Asian stocks rose after cooler-than-expected U.S. inflation data boosted bets that the Federal Reserve could cut interest rates next year. Last seen, both indices were trading flat with a positive bias. The S&P BSE Sensex traded at 71,120.19, and the NSE Nifty was at 21,364.4.

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"The global rally in December, led by the mother market, the US, has lifted most markets significantly, and India was fortunate to have the lift from the state election results too. The 6 per cent rally in the Nifty in December has heated the market a bit, and the bulls are likely to wait for the New Year for further action. High valuations continue to be a short-term concern," said Dr VK Vijayakumar, Chief Investment Strategist, at Geojit Financial Services.

Dr. Vijayakumar added, however, that the global market construct continues to be favourable with US inflation, bond yields, and the dollar index trending down.

In the broader market, Nifty Mid Cap 100 and Small Cap 100 opened in positive territory. Nifty Bank was up 0.11 per cent at 47,542.15.

BUZZING STOCKS

Tata Steel shares were up over 1 per cent on BSE after the steelmaker announced a shareholders’ meeting on January 25, 2024, to consider a merger with Indian Steel and Wire Products.

Divi's Laboratories shares surged over 1 per cent on December 26, despite the company receiving a notice from Deputy Commissioner Central Tax, Gachibowli CGST Division, Hyderabad, of Rs 19.34 lakh on December 23.

Biocon shares were up over 2 per cent after its subsidiary, Biocon Biologics, partnered with Sandoz for the distribution of Adalimumab BS subcutaneous injection.

Bharat Electronics (BEL) shares were up over 4 per cent after it received orders worth Rs 2,673 crore.

UPL shares were up over 1 per cent after the company's board approved fundraising to the tune of Rs 4,200 crore through a rights issue.

Conversely, Wipro shares were down over 1 per cent on BSE after Sanjay Jalona, former MD and CEO of LTI, denied reports of joining the IT major.

Infosys shares were down over 2 per cent on the BSE after the IT firm terminated its AI deal with a global company worth $150 million.

GLOBAL MARKETS 

Asian stocks traded tentatively on Tuesday, while the dollar lurked near a five-month low as cooling US inflation bolstered bets the Federal Reserve would cut interest rates soon.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.18 per cent higher, on course for a 1.6 per cent gain this year. Japan's Nikkei (.N225) eased 0.07 per cent but remains the best-performing Asian stock market with a 27 per cent gain for the year.

(With inputs from agencies.)

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