Weak global cues depressed Indian markets that closed on a lackluster note. The Sensex closed at 18938, down 188 points while Nifty closed at 5617, down 80 points from the previous close. The BSE Metal Index was down 3% (Tata Steel, Nalco, SAIL were all down), the BSE Oil & Gas Index was down by 2.5%, BSE Bankex was down 1.25% and BSE IT Index was down 1%. The BSE Midcaps and Smallcaps Index both closed in the negative. The NSE gainers included Maruti Suzuki, Bajaj Auto, BHEL and ITC while losers included BPCL, Siemens, Suzlon and ACC.

Nifty has strong support at 5500-5520 and Sensex at 18700-19500, says Sandeep Wagle, technical analyst, Angel Broking, on Zee Business. The market will continue to move sideways in December and sound stocks in the banking and capital goods space should be accumulated on dips