POST-MARKET SUMMARY 30th December 2024

On December 30th, the share market experienced a sharp decline in late afternoon trade, with the BSE Sensex closing about 850 points below the day’s high and the NSE Nifty ending below the 23,650 mark. Investor sentiment was weighed down by foreign institutional investor (FII) outflows, global cues, and a weakening rupee. 

Most NSE sectoral indices closed in the red. As on the sectoral front, most NSE indices closed in the red. The Nifty Pharma index stood out as the top gainer, rising 1%, while the Consumer Durable, FMCG, and IT indices managed to end slightly positive. 

NIFTY: The index opened flat at 23,796 and made a high of 23,915 before closing at 23,644. Nifty has formed a bearish candlestick pattern with an upper shadow on the daily chart. Its immediate resistance level is 23,710 now placed at while immediate support is at 23,530. 

BANK NIFTY: The index opened 56 points lower at 51,255 and closed at 50,952. Bank Nifty has formed a bearish candlestick pattern with a long upper shadow on the daily chart. Its immediate resistance level is now placed around 51,250 while immediate support is around 50,700.

Stocks in Spotlight

▪  Utkarsh Small Finance Bank: Stock gained as much as 3% after the company revealed plans to sell off Rs 355 crore worth of non-performing microfinance loans to asset reconstruction companies.

▪  JSW Energy: Stock surged over 7% after its arm, JSW Neo, signed a definitive agreement with O2 Power to acquire 4,696 MW of renewable energy platform in a $1.47 billion deal.

▪  Vodafone Idea: Stock jumped over 5% as government waived bank guarantees for past spectrum auctions.

Global News 

▪  Asian shares edged lower on Monday, with MSCI's broadest index of Asia-Pacific shares outside Japan dipping 0.2%. Investors are keenly awaiting the release of China’s PMI factory data scheduled for Tuesday.

▪  In Europe, the Stoxx 600 index also fell by about 0.2% as of 11:32 a.m. London time, with the majority of sectors showing losses.

▪  Wall Street futures moved lower due to high government bond yields leading investors to shift away from equities at the year's close.

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