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Equity benchmark index Nifty traded lower today, closing with loss of 100 points at 24,668 (-0.4%).  Broader markets outperformed as Midcap and Smallcap indices ended with gains of 0.6% each. Amongst sectoral indices, the Nifty Metal index dropped over 1%, pressured by weak global prices and concerns over U.S.-China trade dynamics. Weaker-than-expected retail sales data from China, a key consumer of metals, added to fears of slowing demand. Nifty IT snapped its five-day winning streak, shedding 0.9% on account of profit booking. Nifty Realty gained more than 3%, buoyed by new property launches and optimism surrounding strong housing demand in 2025. On the macro-economic front, India’s wholesale inflation eased to 1.9% in Nov’24 down from 2.4% a month back. The preliminary manufacturing and services PMI for December came out higher than the previous month indicating enhanced activity levels in the industrial and service sectors. Investors also await the US manufacturing and services PMI to be released later today, followed by US retail sales data tomorrow. There is heightened action in the primary markets with five IPO listings and seven new IPOs opening for subscription in this week. We expect markets to consolidate within a broad range, as sentiments remain cautious ahead of US Fed and Bank of Japan’s interest rate decision this week.  

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