POST-MARKET SUMMARY 6th January 2025

On January 6, Indian equity markets faced a significant downturn as benchmark indices declined sharply, driven by concerns over Human Metapneumovirus (HMPV), which dampened investor sentiment. After a positive start to the day, the market experienced profit-booking in the initial hours, erasing all gains. As the session progressed, selling pressure intensified, leading to extended losses.

Among sectors, all indices ended in the red, with the PSU Bank index declining by nearly 4%, weighed down by weak quarterly business performance. Metal, realty, energy, PSU, power, and oil & gas sectors also faced sharp declines, each dropping by approximately 3%.

Meanwhile, in the primary market, the grey market premium (GMP) for Standard Glass Lining Technology’s IPO surged to 69%. Get exclusive insights on the IPO here.

NIFTY: The index opened 41 points higher at 24,045 and made a high of 24,089 before closing at 23,616. Nifty has formed a long bearish candlestick pattern on the daily chart, with a lower high-lower low formation. Its immediate resistance level is now placed at 23,700 while immediate support is at 23,550.

BANK NIFTY: The index opened flat at 50,990 and closed at 49,922. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 50,200 while immediate support is around 49,700.

Stocks in Spotlight

▪  Union Bank of India:  Stock tumbled over 7% after the state-owned lender posted the weakest December quarter business update among banks so far. The bank reported a modest 4% YoY growth in deposits to Rs 12.2 lakh crore in Q3FY25, but a 2% decline on a QoQ basis.

▪  Titan Company: Stock gained over 2% intraday, after reporting a 24% YoY growth for the December quarter. The company’s total retail network, including CaratLane and international stores, expanded by 69 outlets during the quarter, reaching 3,240 stores.

▪  Easy Trip Planners: Stock soared over 17% intraday after its former CEO and promoter Nishant Pitti confirmed that there would be no further sale of promoter stake in the company.

Global News

▪  Oil prices steadied at their highest since mid-October as colder weather spurred buying while further support came from expectations of tighter sanctions on Iranian and Russian oil exports.

▪  Gold prices held steady on Monday as rising U.S. Treasury yields offset the impact of a weaker dollar and investors awaited economic data for clues on the Federal Reserve’s interest rate trajectory after it flagged a slower pace of cuts this year.

▪ The dollar slumped 1% on Monday after a report said President-elect Donald Trump was mulling tariffs that would only be applied to critical imports, potentially a relief for countries that were expecting broader levies.

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