POST-MARKET SUMMARY 20th January 2025

The Indian equity market began the week on a strong note, erasing the previous session's losses, driven by financial, power, and telecom stocks. Positive global cues supported the benchmark indices, which opened higher and extended gains to close near the day's high, buoyed by broad-based buying.

 Among sectors, banking, media, metal, capital goods, PSU, telecom, power, and PSU bank indices gained 1-2%, while FMCG and auto ended in the red.

 NIFTY:  The index opened 88 points higher at 23,290 and made a high of 23,391 before closing at 23,344. Nifty has formed a bullish candlestick pattern with a lower shadow on the daily chart. Its immediate resistance level is now placed at 23,450 while its immediate support is at 23,250.

BANK NIFTY: The index opened 294 points higher at 48,834 and closed at 49,350. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 49,500 while immediate support is around 49,100.

Stocks in Spotlight

▪  Rallis India: Stock plunged nearly 7% after the agri-inputs company reported a 54% YoY decline in net profit for the December quarter.

▪  Supreme Industries: Stock fell over 4% after the company reported a year-on-year decline in net profit, EBITDA, and EBITDA margins for the December quarter.

▪  Globus Spirits: Stock surged up to 16% as the Ministry of Consumer Affairs, Food & Public Distribution reduced the price of rice supplied to ethanol distilleries from Rs 28/kg to Rs 22.50/kg, enhancing cost efficiency for distilleries. 

Global News

▪  The dollar drifted lower, and global stocks showed cautious optimism on Monday as investors anticipated a series of policy announcements marking the start of Donald Trump's second presidency, while keeping an eye on a potential rate hike in Japan later this week.

▪  European shares climbed to nearly a three-month high during early Monday trading, bolstered by gains in banking and travel stocks, as markets prepared for Donald Trump's swearing-in as U.S. president.

▪  Asian shares rose on Monday morning, and bitcoin surged to a record high, driven by expectations of a more crypto-friendly administration ahead of President-elect Donald Trump's inauguration.

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