POST-MARKET SUMMARY 3rd December 2024

On December 3, bulls tightened their grip on Dalal Street as the benchmarks extended gains for the third consecutive session, driven by broad-based buying across most sectors. Investor sentiment remained strong, with Media and PSU Bank indices leading the rally, each climbing over 2%. Other sectors also closed in positive territory, reflecting a sustained recovery in market momentum.

NIFTY:  The index opened 91 points higher at 24,367 and made a high of 24,481 before closing at 24,457. Nifty has formed a bullish candlestick pattern with a lower shadow on the daily chart. Its immediate resistance level is now placed at 24,540 while immediate support is at 24,380.

BANK NIFTY: The index opened 248 points higher at 52,357 and closed at 52,695. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 52,900 while immediate support is around 52,500.

Stocks in Spotlight

▪  Swiggy: Stock soared nearly 10% intraday before closing 1.7% higher, following the company’s Q2 results, which highlighted impressive revenue growth. Read more: Swiggy Q2 Results: Strong Growth in Key Segments Despite Losses.

▪  KPI Green: Stock jumped 5% after securing a Rs 1,311 crore order from Coal India to set up a ground-mounted solar PV plant, along with O&M services for five years, at GIPCL’s Solar Park in Gujarat.

▪  Varun Beverages: Stock slipped 1.7% after reports suggested the GST rate on aerated beverages might be hiked to 35%, up from the current 28%. 

Global News

▪  European markets traded higher on Tuesday, with the pan-European Stoxx 600 rising 0.5%. Markets also closely followed developments in France, with the government on the verge of collapse. 

▪  Oil prices climbed more than 1.5% on Tuesday as investors await an OPEC+ meeting expected to rubber stamp continued output cuts while a fragile ceasefire between Israel and Lebanon provided additional support. 

▪  The yuan fell to a one-year low against the dollar amid concerns about a faltering economy and heightened tensions with the US.

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