POST-MARKET SUMMARY 4th December 2024

On December 4, the Indian market ended on a positive note in a highly volatile session, marking the fourth consecutive day of gains, driven by buying interest in realty and financial stocks. 

On the sectoral front, auto and FMCG declined 0.7% each, IT and Media rose 0.5% each, while realty and PSU Bank gained more than 2% each.

NIFTY:  The index opened 31 points higher at 24,488 and made a high of 24,573 before closing at 24,467. Nifty has formed a bearish Doji-like candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,600 while immediate support is at 24,360. 

BANK NIFTY: The index opened 80 points higher at 52,775 and closed at 53,266. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 53,400 while immediate support is around 52,900.

Stocks in Spotlight

▪  RattanIndia Enterprises: Stock jumped over 5% buoyed by the strong November sales of its arm. Revolt Motors recorded a whopping jump in its vehicle sales, with 1,994 units sold in November as compared to the 952 units sold in October.

▪  Honasa Consumer: Stock soared over 6% as Promoter & CEO Varun Alagh increased his stake in the company to 31.93% by purchasing additional shares worth Rs 4.5 crore.

▪  Bajaj Auto: Stock slipped nearly 2% following reports of price cuts on its Freedom 125 CNG motorcycle, with entry-level prices reduced by Rs 5,000 and mid-level prices by Rs 10,000, along with post-Diwali discounts on select Pulsar variants.

Global News

▪  Asian markets fell on Wednesday, rattled by South Korea's brief political crisis after President Yoon Suk Yeol's emergency martial law declaration, which was quickly revoked.

▪  Technology and auto stocks drove Europe's benchmark index to a near one-month high on Wednesday, while investors awaited a key no-confidence vote in France that could topple Prime Minister Michel Barnier's government.

▪  Gold held steady on Wednesday as safe-haven demand countered a slight recovery in the U.S. dollar while markets await U.S. jobs data and comments from Federal Reserve Chair Jerome Powell for clues on the U.S. central bank’s policy outlook.

▪  Oil prices were little changed on Wednesday, with traders expecting OPEC+ to announce an extension to supply cuts this week while heightened geopolitical tensions continue to dominate market sentiment.

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