POST-MARKET SUMMARY 12th December 2024

On December 12, the Indian benchmark indices ended lower amid selling across most sectors, ahead of the retail inflation data and Friday's WPI inflation report. Despite positive global cues, the Indian market opened lower but erased initial losses and remained flat during the first half. However, profit-booking in the second half led to a decline, as selling pressure was witnessed across most sectors, except for IT & Metal. All sectoral indices ended in the red, with the Media index down 2% and the FMCG index shedding 1%. 

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NIFTY:  The index opened 37 points lower at 24,604 and made a high of 24,675 before closing at 24,548. Nifty has formed a bearish candlestick pattern with an upper shadow on the daily chart. Its immediate resistance level is now placed at 24,670 while immediate support is at 24,480. 

BANK NIFTY: The index opened 190 points lower at 53,201 and closed at 53,216. Bank Nifty has formed a small-bodied bullish candlestick with a long upper shadow, resembling a Gravestone Doji pattern on the daily chart. Its immediate resistance level is now placed around 53,500 while immediate support is around 53,000.

Stocks in Spotlight

▪  Shakti Pumps: Shares surged 5% to hit the upper circuit after the company received an order from Maharashtra State Electricity Distribution Company for 25,000 standalone off-grid DC Solar Photovoltaic Water Pumping Systems.

▪  Waaree Energies: Stock jumped nearly 4% after the company bagged a project to develop a 170 MW solar power plant in Madhya Pradesh.

▪  Hitachi Energy India: Stock advanced 4% following the company's recent order win in Japan and a partnership with Samsung C&T to explore global High-Voltage Direct Current (HVDC) project opportunities.

Global News 

▪  Asia-Pacific markets mostly rose on Wednesday, following gains on Wall Street that saw the Nasdaq Composite surge to record highs after November’s inflation report met expectations.

▪  European markets moved slightly lower on Thursday, as regional investors await this year’s final monetary policy decision from the European Central Bank (ECB).

▪  Oil prices were little changed on Thursday as a forecast for ample supply in the oil market offset optimism stemming from rising expectations of a U.S. interest rate cut.

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