POST-MARKET SUMMARY 5th December 2024

On December 5, the Indian equity market managed to close higher in yet another highly volatile session, marking a fifth consecutive day of gains. Buying momentum in the second half drove the market upward, though most intraday gains were pared as investors stayed cautious ahead of the Reserve Bank of India's policy announcement tomorrow. 

Among sectors, Information Technology emerged as the top gainer, rising nearly 2%, while all other indices, except realty and PSU Bank, also closed in the green. Also read: Nifty IT Index Hits All-Time High: Here’s Why Indian IT Stocks Are Soaring

NIFTY:  The index opened 72 points higher at 24,539 and made a high of 24,857 before closing at 24,708. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,800 while immediate support is at 24,580. 

BANK NIFTY: The index opened 88 points higher at 53,354 and closed at 53,603. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 53,800 while immediate support is around 53,300.

Stocks in Spotlight

▪  Indraprastha Gas: Stock ended 6.5% higher after the gas distributor announced that the board will consider the proposal of bonus share issue on December 10.

▪  Divi's Laboratories: Stock fell 3% as Novartis lost a US court appeal to block MSN Pharmaceuticals' generic version of Entresto, impacting the firm’s CDMO contract with Novartis for the drug.

▪  BSE Ltd: Stock surged over 14% amid heavy trading volumes. BSE shares have also entered the F&O segment from the December series.

Global News

▪  European stocks edged higher on Thursday, with French markets in focus after Prime Minister Michel Barnier’s government was toppled in a vote of no-confidence Wednesday.

▪  The British pound rose for a third consecutive session on Thursday as it continued to recover from a six-month trough hit in late November.

▪  Gold prices steadied on Thursday as investors held back from placing big bets ahead of U.S. non-farm payrolls data that could influence the Federal Reserve’s interest rate trajectory as markets awaited this year’s final policy-setting meeting.

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