POST-MARKET SUMMARY 19th December 2024

On December 19, India's benchmark indices, Sensex and Nifty, fell over 1%, marking their fourth consecutive decline as global market weakness impacted investor sentiment. The downturn followed the US Federal Reserve's cautious outlook, reducing its rate cut forecast for 2025 from four to two, which unsettled global markets. US indices dropped 2.5-3%, and major Asian markets opened sharply lower. The Fed's "wait-and-watch" approach, amid inflation risks and uncertainties over the incoming Trump administration's policies, further dampened market confidence.

On the sectoral front, all indices except Pharma ended in the red, with auto, IT, metal, and realty sectors falling by 0.5-2%. 

NIFTY:  The index opened 321 points lower at 23,877 and made a high of 24,004 before closing at 23,951. Nifty has formed a bullish candlestick pattern with a minor upper wick on the daily charts. Its immediate resistance level is now placed at 24,000 while immediate support is at 23,870. 

BANK NIFTY: The index opened 711 points lower at 51,428 and closed at 51,575. Bank Nifty has formed a long bullish candlestick pattern with both upper and lower shadows on the daily charts. Its immediate resistance level is now placed around 51,800 while immediate support is around 51,400.

Stocks in Spotlight

▪  Lupin:  Shares gained over 3% after the drugmaker received approval from the US Food and Drug Administration for its generic HIV drug.

▪  Asian Paints: Shares settled 2% lower after two senior management executives, Shyam Swamy and Vishu Goel, announced their resignations with immediate effect.

▪  Stove Kraft: Shares settled 2.5% higher after the company announced selling cookware via IKEA's global stores.

Global News

▪  Gold prices gained more than 1% on Thursday, rebounding from a one-month low, as the market digested the U.S. Federal Reserve’s hint of a gradual policy easing next year, with investors awaiting more data to gauge the economy’s health.

▪  Oil prices fell in early trading on Thursday after the U.S. Federal Reserve signaled that it would slow the pace of interest rate cuts in 2025, potentially impacting fuel demand.

▪  European markets fell sharply on Thursday, following their global counterparts lower after the U.S. Federal Reserve indicated yesterday that fewer rates cuts are on the horizon.

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