POST-MARKET SUMMARY 10th January 2025

On January 10, the Indian market ended lower after a highly volatile session, marking its third consecutive day of losses. The market opened higher despite weak cues from Asian markets but quickly erased early gains within the first hour. Throughout the day, indices fluctuated between gains and losses before closing in negative territory. 

Sectorally, IT was the sole gainer, while power, PSU, realty, healthcare, and PSU Bank sectors declined by around 2% each, dragging the market lower.

NIFTY: The index opened 25 points higher at 23,551 and made a high of 23,596 before closing at 23,431. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,550 while its immediate support is at 23,300. 

 BANK NIFTY: The index opened 77 points lower at 49,426 and closed at 48,734. Bank Nifty has formed a large bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 49,000 while immediate support is around 48,500.

Stocks in Spotlight

▪  Delta Corp: Stock jumped 5% after the Supreme Court stayed GST show cause notices amounting to Rs 1.12 lakh crore issued to online gaming companies.

▪  Tata Elxsi: Stock plunged around 7% after the company reported disappointing Q3FY25 results, missing Street estimates. Net profit slipped 3.5% YoY to Rs 199 crore, while revenue from core operations climbed 3% to Rs 939 crore.

▪  Adani Wilmar: Stock hit the 10% lower circuit after promoter Adani Commodities launched a two-day offer-for-sale (OFS) for non-retail investors, with the retail portion set to open on January 13. The OFS includes 17 crore shares, representing 13.5% of Adani Wilmar's total equity.

Global News

▪  Gold prices scaled a four-week peak on Friday and were set for their best week in seven, driven by safe-haven demand amid uncertainties over President-elect Donald Trump’s policies, while markets awaited jobs data for clues on the trajectory of U.S. interest rates.

▪  The dollar looked set to log a sixth straight week of outperformance against other currencies on Friday, underpinned by elevated bond yields and expectations of another strong set of U.S. job numbers, while sterling continued to slide.

▪  Oil prices surged on Friday and were on track for a third straight week of gains as traders focused on potential supply disruptions from more sanctions on Russia and Iran.

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