POST-MARKET SUMMARY 3rd January 2025

On January 3, the bears took control of Dalal Street, dragging Nifty close to slipping below a crucial level after solid gains in the first two sessions of the new year. The benchmark indices were under pressure as profit-booking in select heavyweights weighed on the market. Among sectors, banking, capital goods, IT, and pharma declined by 1% each, while oil & gas and media gained 1% each.

The cautious sentiment was driven by concerns over slowing economic growth, stretched valuations, foreign capital outflows, and uncertainty surrounding US trade policies ahead of Donald Trump assuming office on January 20.

NIFTY:  The index opened flat at 24,196 and made a high of 24,196 before closing at 24,004. Nifty has formed a Bearish Belt Hold candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,060 while immediate support is at 23,940.

BANK NIFTY: The index opened 24 points higher at 51,567 and closed at 50,988. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 51,300 while immediate support is around 50,800.

Stocks in Spotlight

▪  Avenue Supermarts:  Stock surged over 11% after the company released its business update for the December quarter, which showed a 17.5% YoY growth in operating revenue.

▪  Afcons Infra: Stock surged nearly 7% intraday following the announcement of a major order worth over Rs 1,000 crore from the DRDO. Get exclusive insights here.

▪  REC Ltd: Stock jumped nearly 4%, driven by a strong business update, with loan disbursements climbing 18% to Rs 54,692 crore in the December quarter.

Global News

▪  China stocks extended declines on Friday in a bumpy start to the new year, despite gains in the broader Asia-Pacific region, as investors assessed Beijing’s policy signals.

▪  The dollar held near a two-year high against a group of peers on Friday, buoyed by expectations that President-elect Donald Trump's policies will spur growth and inflation, leading to fewer Federal Reserve rate cuts and higher U.S. Treasury yields.

▪  Oil prices extended their gains on Friday after closing at their highest in more than two months in the previous session on hopes that governments worldwide may increase policy support to revive economic growth and boost fuel demand.

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