Market may see muted opening

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 3 points at the opening bell.

Global markets:

Overseas, Asian stocks are mostly trading higher on Monday as investors assessed November inflation numbers from China, which declined at a faster-than-expected pace.

November inflation numbers from China showed a faster-than-expected decline in consumer prices. The consumer price index fell 0.5% year-on-year. The producer price index fell 3% year-on-year, compared with October�s 2.6% drop.

US stocks hit a new high for the year on Friday after the November jobs report and University of Michigan consumer survey data signaled a resilient economy and cooling inflation, fueling hopes for a so-called soft-landing scenario.

November�s nonfarm payrolls report showed an unexpected drop in unemployment. The jobless rate fell 3.7%. The US economy added 199,000 jobs during November, from 150,000 added in October.

Domestic markets:

Back home, the stock market registered strong gains on Friday as the Nifty briefly surpassed the 21,000-mark following the announcement by the Reserve Bank of India (RBI) to maintain the repo rate at 6.5% for the fifth consecutive time, aligning with market expectations. This decision, coupled with favorable global market, bolstered investor sentiment. The S&P BSE Sensex jumped 303.91 points or 0.44% to 69,825.60. The Nifty 50 index added 68.25 points or 0.33% to 20,969.40.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,632.30 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 434.02 crore in the Indian equity market on 8 December, provisional data showed.

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