POST-MARKET SUMMARY 18th December 2024

On December 18, the Indian stock market extended its losing streak for the third consecutive session as the benchmark indices continued to slide, with investors remaining cautious ahead of the Fed rate decision outcome later in the evening.

The Nifty closed lower as profit booking extended through the session. On the sectoral front, except for pharma (up 1%), all other indices ended in the red, with auto, energy, PSU Bank, metal, media, and realty sectors declining by 0.5-2%. 

NIFTY: The index opened 39 points lower at 24,297 and made a high of 24,394 before closing at 24,198. Nifty has formed a bearish candlestick pattern with an upper shadow on the daily chart. Its immediate resistance level is now placed at 24,300 while immediate support is at 24,150. 

BANK NIFTY: The index opened 138 points lower at 52,696 and closed at 52,139. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 52,550 while immediate support is around 52,000.

Stocks in Spotlight

▪  Sanghi Industries:  Stock fell 12% after Ambuja Cement's board of directors approved the merger of two cement players, Sanghi Industries and Penna Cement Industries, with itself.

▪  VA Tech Wabag: Stock tanked as much as 14% after announcing that the tender worth $317 million for Saudi Arabia’s 300 MLD mega seawater desalination plant, won by the company earlier, has been cancelled due to internal administrative procedures.

▪  Enviro Infra Engineers: Stock plunged 10% ahead of the company’s second-quarter earnings scheduled later today.

Global News

▪  European stocks were higher on Wednesday, as investors reacted to U.K. inflation data.

▪  Gold prices were little changed on Wednesday as the markets focused squarely on the U.S. Federal Reserve’s monetary policy decision and projections for 2025, due later in the day.

▪  Oil prices rose slightly on Wednesday as investors stayed cautious ahead of a potential interest rate cut by the U.S. Federal Reserve while a draw in U.S. crude inventories offered further support.

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