POST-MARKET SUMMARY 31st December 2024

On December 31, 2024, the Nifty 50 showcased a sharp recovery, climbing nearly 200 points from the day's low due to a bullish counterattack, ultimately closing flat with a slight positive bias.

India's benchmark indices, Sensex and Nifty, closed the year with impressive annual gains of 8.17% and 8.8%, marking nine straight years of positive returns. However, Nifty Bank lagged, rising by just 5%. Explore our latest blog to see how other sectors fared and what’s in store for 2025: 2024 Market Recap: A Roller Coaster Year for Investors!

NIFTY:  The index opened 84 points lower at 23,560 and made a high of 23,689 before closing at 23,644. Nifty has formed a bullish candlestick pattern with upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 23,700 while immediate support is at 23,550. 

BANK NIFTY: The index opened 304 points lower at 50,648 and closed at 50,860. Bank Nifty has formed a bullish candlestick on the daily chart. Its immediate resistance level is now placed around 51,000 while immediate support is around 50,600.

Stocks in Spotlight

▪  RVNL: Stock jumped nearly 8%, after the company emerged as the lowest bidder for two projects – one worth Rs 137 crore from the Central Railway and the other worth Rs 404 crore from the East Coast Railway.

▪  Adani Wilmar: Stock fell nearly 7% after Adani Enterprises announced plans to exit its JV with Wilmar International, selling its 44% stake.

▪  Shriram Properties: Stock jumped nearly 3% after the company announced the strategic sale of a 3.9-acre land parcel in Chennai.

Global News

▪  European markets crept higher on Tuesday although the trading session was muted ahead of the New Year holiday.

▪  Gold climbed above $2,600 per ounce on Tuesday, marking its strongest annual performance since 2010. The surge has been driven by US monetary easing, ongoing geopolitical tensions, and record central bank purchases.

▪  Brent crude oil futures rose to $74.5 per barrel on Tuesday, extending gains for a third consecutive session, buoyed by signs of recovery in China’s economy, the world’s largest crude importer. 

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