POST-MARKET SUMMARY 13th January 2025

On January 13, Indian benchmark indices declined for the fourth consecutive session, pressured by broad-based selling, rising crude oil prices to a 3-month high, and weak global cues as investors lowered their expectations for a US rate cut in 2025.

 Sectorally, all indices closed in the red, with the realty index falling 6.7% and oil & gas, power, PSU, metal, and media sectors declining by 3-4%.

 Meanwhile, in the primary market, the grey market premium (GMP) for Laxmi Dental’s IPO climbed to 28%. Get exclusive insights on the IPO here.

NIFTY: The index opened 236 points lower at 23,195 and made a high of 23,340 before closing at 23,085. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,200 while its immediate support is at 23,000.

 BANK NIFTY: The index opened 470 points lower at 48,264 and closed at 48,041. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 48,250 while immediate support is around 47,850.

Stocks in Spotlight

▪  PCBL: Stock fell 10% as investors reacted to the company's disappointing Q3 earnings, which saw a 37% decline in net profit to Rs 93 crore, primarily due to a spike in operating costs.

▪  Biocon: Stock jumped over 4% intraday after the US FDA cleared Biocon Biologics' insulin facility in Malaysia, resolving a major regulatory hurdle. The regulator classified the facility as "Voluntary Action Indicated" (VAI), allowing the company to proceed with product filings from the site.

▪  Adani Wilmar: Stock fell 10% after promoter Adani Commodities opted to exercise the oversubscription option in its two-day offer-for-sale (OFS).

Global News

▪  Stocks and bonds slid in Asia following Friday’s stronger-than-expected US jobs data. The MSCI Asia Pacific index dropped as much as 1%, with benchmarks in Hong Kong, Taiwan and South Korea leading the declines among major regional markets.

▪  European markets were lower on Monday amid persisting jitters over the global economy and a surging U.S. dollar.

▪  WTI crude oil futures surged over 2% to above $78/ barrel on Monday, the highest level in more than four months, as new US sanctions on Russia’s energy sector raised concerns about supply disruptions.

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