POST-MARKET SUMMARY 17th December 2024

On December 17, the Indian stock market extended losses for the second consecutive session, driven by selling across sectors. After a negative start, profit-booking continued throughout the day, as investors remained cautious ahead of the Fed decision on December 18. All sectoral indices ended in the red, with auto, bank, energy, metal, and oil & gas sectors each shedding around 1%. 

NIFTY:  The index opened 84 points lower at 24,584 and made a high of 24,624 before closing at 24,336. Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,400 while immediate support is at 24,250. 

BANK NIFTY: The index opened 187 points higher at 53,394 and closed at 52,834. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 53,000 while immediate support is around 52,600.

Stocks in Spotlight

▪  Gravita India: Stock jumped 7% intraday after the firm launched a Qualified Institutions Placement (QIP) to raise up to Rs 1,000 crore.

▪  Indoco Remedies: Stock fell around 6% after the company’s facility in Verna, Goa, received a warning letter from the United States Food & Drug Administration (USFDA).

▪  HDFC Bank: Stock slipped nearly 2% after SEBI issued an administrative warning letter alleging non-compliance with certain SEBI Listing Regulations.

 Global News

▪  European markets traded lower on Tuesday, with the pan-European Stoxx 600 index slipping 0.4% as all sectors and major bourses opened in negative territory.

▪  Asia-Pacific markets were mixed on Tuesday, tracking mixed gains on Wall Street as investors look toward the U.S. Federal Reserve’s decision on December 18.

▪  The dollar held firm on Tuesday ahead of an expected interest rate cut in the United States, as traders grow increasingly convinced the Federal Reserve will lower borrowing rates only gradually next year.

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