POST-MARKET SUMMARY 26th December 2024
On December 26, the Indian equity indices ended the session with minimal change, as subdued global cues during holiday-thinned trade kept market sentiment muted. On the sectoral front, buying was seen in auto, energy, pharma, realty and PSU Banks, while selling was seen in metal, FMCG and media stocks.
Investors' attention remained focused on the US Federal Reserve's interest rate outlook for the coming year and Donald Trump's tariff policies.
NIFTY: The index opened 48 points higher at 23,775 and made a high of 23,854 before closing at 23,750. Nifty has formed a small bearish candlestick pattern with sizable upper and lower shadows, indicating volatility on the daily chart. Its immediate resistance level is now placed at 23,850 while immediate support is at 23,650.
BANK NIFTY: The index opened 162 points higher at 51,395 and closed at 51,170. Bank Nifty has formed a bearish candlestick pattern with sizable upper and lower shadows, indicating volatility on the daily chart. Its immediate resistance level is now placed around 51,400 while immediate support is around 50,900.
Stocks in Spotlight
▪ Ceigall India: Stock jumped over 3% after the company announced that its subsidiary had signed a Concession Agreement with the National Highways Authority of India (NHAI). The project, valued at Rs 981 crore, is slated for completion within 24 months.
▪ EPACK Durables: Stock jumped 3.5% amid media reports of plans for a Chinese television manufacturer to invest in EPACK Durables' wholly-owned subsidiary.
▪ Panacea Biotec: Stock hit the 5% upper circuit after the company received a Letter of Award (LoA) from UNICEF for the supply of 115 million doses of its oral polio vaccine.
Global News
▪ Asia shares eased in holiday-thinned trade on Thursday, paring some of their gains from earlier in the week, while the dollar rose alongside U.S. Treasury yields.
▪ In the Asia-Pacific region, stock markets in Australia, New Zealand, and Hong Kong remained closed for the Boxing Day holiday on December 26. Stock markets in Germany, France, and the UK were also shut.
▪ Brent crude oil futures rose toward $74 per barrel, supported by stimulus measures in China and a US industry report highlighting a decline in crude stockpiles.
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