POST-MARKET SUMMARY 13th December 2024

On December 13, the Indian equity indices made a sharp recovery in a highly volatile session, ending on a strong note. The market opened negative, extending losses in the first half amid weak global cues. However, buying in heavyweights and broad-based recovery in the second half helped the indices regain momentum. 

Sectoral performance was mixed, with auto, bank, FMCG and telecom sectors rising by 0.5-2%, while realty, metal, and media sectors declined by 0.5%.

In the primary market, the grey market premium (GMP) for the IPO of International Gemmological Institute Ltd dipped to 18%. Get a detailed overview of the IPO here: IGI IPO Analysis: Will Investors Certify this Diamond Expert?

NIFTY:  The index opened 50 points lower at 24,498 and made a high of 24,792 before closing at 24,768. Nifty has formed a bullish candlestick pattern with a lower shadow on the daily chart, indicating strong buying interest at lower levels. Its crucial resistance level is now placed at 24,860 while support is at 24,700. 

BANK NIFTY: The index opened 107 points lower at 53,109 and closed at 53,583. Bank Nifty has formed a bullish candlestick pattern with a long lower shadow on the daily chart. Its crucial resistance level is now placed at 53,900 while support is at 53,200.

Stocks in Spotlight

▪  Bajel Projects: Stock surged 20% after securing a contract from Solapur Transmission, a project company of Torrent Power for supply, installation, and commissioning of a new 400/220 KV substation in Maharashtra.

▪  Astra Microwave Products: Stock surged over 6% intraday after its joint venture, Astra Rafael Comsys, won a Rs 255.88 crore order from the Ministry of Defence.

▪  Bharti Airtel: Stock surged over 4%, driven by a block deal of 13.2 lakh shares worth around Rs 212.60 crore, making it the top gainer on the Nifty 50 index.

Global News 

▪  European markets were trading lower on Friday, following unexpected contractions in both U.K. GDP and key export data from Germany.

▪  Oil prices nudged upwards on Friday, heading for their first weekly rise since the end of November, as additional sanctions on Iran and Russia ratcheted up supply worries, while a surplus outlook weighed on markets.

▪  The dollar headed for its best weekly performance in a month on Friday, as investors priced in the possibility of the Federal Reserve cutting rates more slowly next year, while sterling fell after a surprise contraction in UK economic activity.

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