POST-MARKET SUMMARY 23rd December 2024

On December 23, Indian benchmark indices rebounded strongly after recording their steepest weekly decline in over two years last week. Supported by positive global cues, the market opened higher and extended gains through the day, despite mid-session profit booking.

Buying across sectors helped sustain momentum, with banking, FMCG, metals, oil & gas, energy, and realty indices rising 0.5-1%. In contrast, the media index dipped 0.4%. 

In the primary market, the grey market premium (GMP) for Unimech Aerospace & Manufacturing's IPO surged to 61% on launch day. Explore our analysis of the Unimech IPO here.  

NIFTY:  The index opened 151 points higher at 23,738 and made a high of 23,869 before closing at 23,753. Nifty has formed an Inside Body & Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,850 while immediate support is at 23,630.

BANK NIFTY: The index opened 285 points higher at 51,044 and closed at 51,317. Bank Nifty has formed a long bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 51,500 while immediate support is around 51,100.

Stocks in Spotlight

▪  JBM Auto: Stock surged 5% intraday after JBM Ecolife Mobility, a subsidiary of the company, was awarded contracts as a bus operator for procurement, operation and maintenance of 343 electric busses in Ahmedabad.

▪  India Cements: Stock surged 8% after the Competition Commission of India approved UltraTech's 32.72% stake acquisition in India Cements & a 26% open offer at Rs 390/share.

▪  Hindustan Construction Company: Stock plunged nearly 6% after the construction player announced it divested its stake in Steiner AG to focus on its core EPC operations in India.

Global News

▪  European markets were subdued at the start of a holiday-shortened week due to Christmas, with investors assessing the ECB's monetary policy as President Lagarde noted the euro zone is nearing its inflation target.

▪  Gold prices eased on Monday on a firmer dollar, in a thin, holiday-season trade and as investors sought further clues on the U.S. Federal Reserve’s monetary policy for next year after its latest meeting signaled easing would be gradual.

▪  Oil prices stabilised on Monday after losses last week as lower-than-expected U.S. inflation data offset investors’ concerns about a supply surplus next year.

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