Stock Market Today: Nifty 50, Sensex snap 7-day winning streak; mid, smallcaps outperform; RBI MPC outcome in focus

Domestic equity benchmarks the Nifty 50 and the Sensex snapped their seven-day winning streak on Thursday, December 7, on profit booking in select heavyweights amid weak global cues.

Experts expected the market to consolidate after the steep rise in the last seven sessions on strong GDP numbers and BJP's win in Madhya Pradesh, Rajasthan and Chhattisgarh assembly elections.

Now the market focus has shifted to the monetary policy outcomes of the Reserve Bank of India (RBI) and the US Fed.

The three-day policy meeting of the Reserve Bank of India's Monetary Policy Committee (MPC) is underway and its outcome is due on Friday, December 8. The US Federal Reserve is set to announce its policy outcome next week on Wednesday, December 13.

Nifty 50 today opened at 20,932.40 against the previous close of 20,937.70 and touched its intraday high and low of 20,941.25 and 20,850.80 respectively. The index finally closed the day at 20,901.15, down 37 points, or 0.17 per cent.

On the other hand, the Sensex opened at 69,694.15 against the previous close of 69,653.73 and touched its intraday high and low of 69,695.33 and 69,320.53 respectively. The 30-share index ended 132 points, or 0.19 per cent, lower at 69,521.69.

Mid and smallcap indices outperformed the benchmarks significantly.

The BSE Midcap index closed with a gain of 0.66 per cent at 35,347.59 after hitting its fresh record high of 35,371.44 during the session.