POST-MARKET SUMMARY 11th December 2024

On December 11, Indian equity benchmarks closed marginally higher as investors awaited crucial inflation data from the US and India. Market participants are closely watching the US CPI report, expected to provide insights into the Federal Reserve's policy decision, with an 80% chance of an interest rate cut. Domestically, India's CPI data, due on December 12, is forecast to ease to 5.53% in November, down from October's 6.21%.

Sectoral trends were mixed today, with FMCG, Auto, and IT posting gains, while Energy and PSU Banks saw slight declines.

In the primary market, the IPO of MobiKwik was fully subscribed within hours of launch. Discover what’s driving the buzz with a detailed overview here. 

NIFTY:  The index opened flat at 24,620 and made a high of 24,691 before closing at 24,641. Nifty has formed an indecisive candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,700 while immediate support is at 24,500.

BANK NIFTY: The index opened 118 points lower at 53,459 and closed at 53,391. Bank Nifty has formed an indecisive candlestick pattern on the daily chart. Its immediate resistance level is now placed around 53,650 while immediate support is around 53,000.

Stocks in Spotlight

▪  PNC Infratech: Stock jumped nearly 12% after the company earned a bonus of Rs 4.4 crore for early completion of a road project in Uttar Pradesh.

▪  Bajaj Finance: Stock gained over 2% following an investor meet where the company outlined its long-term strategy, including a pivot towards fintech and AI, aiming to save Rs 150 crore annually by FY26 through GenAI adoption.

▪  HG Infra Engineering: Stock surged over 5% after securing a letter of acceptance from the Ministry of Road Transport & Highways for upgrading the NH-227B 84 Kosi Parikrama Marg in Uttar Pradesh.

Global News 

▪  Asia-Pacific markets were mixed on Wednesday, after major Wall Street benchmarks declined ahead of key inflation data that could influence the Federal Reserve’s interest rate decision.

▪  European markets were slightly higher on Wednesday, as traders digested corporate updates and awaited the latest U.S. inflation data.

▪  Oil prices climbed 1% on Wednesday as market participants anticipated a rise in demand from top importer China following Beijing’s latest plans to boost economic growth.

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