POST-MARKET SUMMARY 27th December 2024

On December 27, Indian markets closed higher, supported by positive cues from Asian equities. Among sectors, Nifty Auto led the gains, rising 1%, followed by Nifty Healthcare and Nifty Bank, which gained 0.8% and 0.3%, respectively. On the downside, Nifty Metal and Nifty PSU Bank fell 1% each, while Nifty Oil & Gas declined 0.7%, and Nifty Realty and Consumer Durables shed 0.5% each. 

NIFTY: The index opened 51 points higher at 23,801 and made a high of 23,938 before closing at 23,813. Nifty has formed a small bullish candle with an upper shadow on the daily chart, indicating an attempted upside breakout from a narrow range movement, though lacking in strength. Its immediate resistance level is now placed at 23,900 while immediate support is at 23,700.

BANK NIFTY: The index opened 98 points higher at 51,268 and closed at 51,311. Bank Nifty has formed a shooting star like candlestick pattern on the daily chart. Its immediate resistance level is now placed around 51,650 while immediate support is around 51,000.

Stocks in Spotlight

▪  VA Tech Wabag: Stock closed 4% higher after the company won an order in Zambia for a wastewater treatment project worth 78 million euros, or around Rs 700 crore.

▪  IndusInd Bank: Stock surged 4% intraday after the bank decided to offload its non-performing microfinance loan pool of 10.6 lakh retail loan accounts amounting to Rs 1,573 crore.

▪  Cochin Shipyard: Stock hit the 5% upper circuit after the company secured a Rs 450 crore contract from Adani Ports for the construction of eight state-of-the-art harbor tugs.

Global News

▪  Asian markets rallied, marking the MSCI Asia Pacific Index's fifth consecutive gain, its longest streak since July. Tokyo stocks advanced sharply as the yen weakened to a five-month low, following comments from Bank of Japan Governor Kazuo Ueda, which offered no decisive hints on future interest rate moves.

▪  US equity futures slipped slightly after a subdued session on Wall Street, while Treasury yields and the dollar remained stable.

▪  The yield on the 10-year US Treasury note rose above the 4.6% threshold on Friday, its highest since early May, amid the outlook of fewer than expected rate cuts by the Federal Reserve next year.

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