POST-MARKET SUMMARY 1st January 2025

On January 1, the Indian equity markets began the new calendar year on a positive note, with benchmark indices closing higher. The BSE Midcap index was up 0.5% while the Smallcap index rose 1%. Buying was observed across most sectors, except metal and realty, which ended in the red. Auto, power, and capital goods indices led the gains, rising 1% each. 

NIFTY:  The index opened flat at 23,637 and made a high of 23,822 before closing at 23,742. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,825 while immediate support is at 23,620. 

BANK NIFTY: The index opened flat at 50,841 and closed at 51,060. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 51,400 while immediate support is around 50,750.

Stocks in Spotlight

▪  IREDA: Stock climbed over 3% after the state-owned company logged a 41% growth in loan disbursements to Rs 17,236 crore in the December quarter.

▪  Power Mech Projects: Stock surged over 5% after the company won an order worth Rs 294 crore from Adani Power.

▪  SJVN: Stock soared 6% after the company inked a Memorandum of Understanding (MoU) with the Bihar government for a project worth Rs 5,663 crore. 

Global News

▪  Global cues were subdued on Wednesday, as most international markets were closed for the New Year holiday.

▪  The Indian rupee experienced a slight decline on Wednesday, influenced by dollar demands from importers. This led the rupee to a record closing low of 85.6450 against the U.S. dollar.

▪  India reported a collection of Rs 1.77 trillion ($20.66 billion) in Goods and Services Tax (GST) for December, marking a 7.3% increase from the same month last year.

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