POST-MARKET SUMMARY 24th December 2024

On December 24, benchmark indices ended with marginal losses in a volatile session. Amid mixed global cues, the market opened on a muted note, but buying in auto, energy, and FMCG stocks drove early gains. However, profit-booking in the second half erased intraday advances, leaving the indices nearly flat. 

Sectorally, auto, FMCG, and oil & gas gained, while IT, media, metals, and PSU banks saw declines. 

NIFTY: The index opened flat at 23,769 and made a high of 23,867 before closing at 23,727. Nifty has formed an Inside Bar candlestick pattern with an upper shadow on the daily chart. Its immediate resistance level is now placed at 23,800 while immediate support is at 23,650.

BANK NIFTY: The index opened flat at 51,314 and closed at 51,233. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 51,500 while immediate support is around 51,000.

Stocks in Spotlight

▪  Gulf Oil Lubricants:  Stock climbed 3% after the company announced it has entered into a partnership with Nayara Energy, to make Gulf's entire automotive product range available across its network of over 6,500 fuel retail outlets nationwide.

▪  Greaves Cotton: Stock zoomed nearly 8% after the company's arm, Greaves Electric Mobility Ltd, filed a draft red herring prospectus with SEBI for its Rs 1,000 crore IPO.

▪  Vedanta: Stock fell over 2% as the stock traded ex-dividend. The board had approved the fourth interim dividend for FY25 of Rs 8.50/share, amounting to Rs 3,324 crore. 

Global News

▪  Asian markets mostly rose on Tuesday, with Chinese markets gaining over 1% after the Chinese finance minister committed to more proactive government spending next year.

▪  European markets ended higher on Tuesday, with the pan-European Stoxx 600 up approximately 0.2%. Tech stocks drove the gains, buoyed by Monday's strong performance of US-listed technology shares.

▪  The US Dollar Index hovered around 108.1 on Tuesday, close to its two-year peak of 108.4. This strength was driven by rising US Treasury yields and expectations of fewer rate cuts by the Federal Reserve in 2025.

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