POST-MARKET SUMMARY 20th December 2024
On December 20, the Nifty and Sensex recorded one of their biggest weekly losses in two years, as the market faced heavy selling pressures. The Federal Reserve's cautious stance and a shallower rate cut trajectory for 2025 intensified FII selling in the domestic market. The Nifty closed at a one-month low of 23,587.50, while the Sensex closed at 78,041.59. The broader market sentiment was also negative, with 2,859 shares declining, 963 advancing, and 95 remaining unchanged.
All the sectoral indices ended in the red with Nifty realty index shed 4%, auto, IT, energy, metal, PSU bank down 2% each.
NIFTY: The index opened flat at 23,960 and made a high of 24,065 before closing at 23,587. Nifty has formed a bearish candlestick pattern on the daily charts. Its immediate resistance level is now placed at 23,680 while immediate support is at 23,500.
BANK NIFTY: The index opened 174 points lower at 51,401 and closed at 50,579. Bank Nifty has formed a long bearish candlestick pattern on the daily charts. Its immediate resistance level is now placed around 51,000 while immediate support is around 50,500.
Stocks in Spotlight
▪ MTAR Technologies: Shares surged nearly 10%, buoyed by the company's latest Rs 226 crore order wins. The company secured these orders for its clean energy and aerospace segments.
▪ Amara Raja Energy & Mobility: Shares climbed as much as 4.5% after the company announced that Hyundai Motor India would adopt AMARON’s Absorbent Glass Mat (AGM) battery technology across its domestic vehicle lineup.
▪ NTBCL: Shares ended sharply lower by 5%, after the Supreme Court on said awarding contract to private firm Noida Toll Bridge Company Ltd (NTBCL) to collect toll from vehicles plying on Delhi-Noida DND flyway is unjust
Global News
▪ Gold prices gained on Friday as the dollar pulled back from highs ahead of U.S. Personal Consumption Expenditure data due later in the day, although the Federal Reserve’s hawkish interest rate outlook set bullion on track for a weekly loss.
▪ Oil prices fell on Friday on worries about demand growth in 2025, especially in top crude importer China, putting global oil benchmarks on track to end the week down more than 3%.
▪ The dollar edged down on Friday but hovered near a two-year high and looked set to wrap up its third week of gains while markets digested a raft of global central bank action and the looming risk of a U.S. government shutdown.
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