POST-MARKET SUMMARY 2nd December 2024

On December 2, the Indian equity indices closed higher for the second consecutive session. After a subdued opening, the benchmark indices remained rangebound in the first half but gained momentum in the latter half, closing near the day’s high. 

Among sectors, all indices ended in positive territory, with realty, pharma, metal, IT, auto, and media leading the charge, posting gains of 1-3% each.

NIFTY:  The index opened flat at 24,140 and made a high of 24,301 before closing at 24,276. Nifty has formed a bullish candlestick pattern with a lower shadow on the daily chart. Its immediate resistance level is now placed at 24,360 while immediate support is at 24,100.

BANK NIFTY: The index opened 32 points higher at 52,087 and closed at 52,109. Bank Nifty has formed a bullish Doji-like candlestick pattern on the daily chart. Its immediate resistance level is now placed around 52,300 while immediate support is around 51,700.

Stocks in Spotlight

▪  Cochin Shipyard: Stock hit a 5% upper circuit after the company signed a Rs 1,000 crore contract with the Ministry of Defence, Government of India. Also read: Defence PSU Stock Locked At Upper Circuit Again!

▪  C. E. Info Systems: Stock slipped 3.6% after the company decided to segregate its B2C (consumer-tech) aspirations from its core business.

▪  Emami Realty: Stock was locked in a 5% upper circuit following the launch of its premium residential project, Emami Aamod, in New Alipore. The project is expected to generate revenue of approximately Rs 850 crore. 

Global News

▪  Gold prices slipped 1% on Monday, ending a four-day winning streak, weighed down by a robust U.S. dollar, as investors eyed upcoming economic data and remarks from Federal Reserve officials for clues on the future of U.S. interest rates.

▪  Oil prices edged up on Monday supported by upbeat factory activity in the world’s second largest oil consumer China and as Israel resumed attacks on Lebanon despite a ceasefire agreement, stoking tensions in the Middle East.

▪  The euro dropped on Monday versus a strengthening U.S. dollar on growing concerns about a possible government collapse in France, which would stall plans to curb a burgeoning budget deficit.

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