POST-MARKET SUMMARY 8th January 2025

On January 8, Indian equity indices managed to recover most of their intraday losses, ending the session nearly flat, thanks to a sharp rebound in the second half driven by buying in heavyweights. Despite weak global cues, the market opened higher but struggled to sustain gains, trading lower for most of the day. However, last-hour buying helped erase the losses.

 Sectorally, FMCG, oil & gas, and IT rose between 0.3% and 1.5%, while PSU bank, pharma, metal, media, banking, and auto sectors declined by 0.4% to 1%.

 NIFTY: The index opened 39 points higher at 23,746 and made a high of 23,751 before closing at 23,688. Nifty has formed a hammer candlestick pattern on the daily chart. Its major resistance level is now placed at 23,800 while major support is at 23,550.

 BANK NIFTY: The index opened flat at 50,201 and closed at 49,835. Bank Nifty has formed a hammer like candlestick pattern on the daily chart. Its immediate resistance level is now placed around 50,000 while immediate support is around 49,600.

Stocks in Spotlight

▪  Borosil Renewables: Stock was locked in the 5% upper circuit after the promoter increased stake in the company from 3.57% to 3.64%.

▪  One97 Communications: Stock fell over 8% after the release of a UBS report stating that Paytm did not gain any UPI market share in December, according to NPCI data.

▪  Suven Life Sciences: Stock jumped over 11% after the company announced the commencement of Phase 1 clinical trials in the USA for SUVN-I6107, a drug targeting cognitive disorders.

Global News

▪  European markets edged lower on Wednesday by afternoon after preliminary data showed that the regional economic sentiment had dropped in December.

▪  The British pound fell to $1.234, its lowest level since April 2024, as a stronger US dollar overshadowed elevated UK borrowing costs, which are near their highest in 27 years.

▪  The yield on the US 10-year Treasury note rose for a fourth consecutive session to 4.73% on Wednesday, its highest since October 2023, driven by concerns over inflationary policies from the incoming Trump administration and reduced expectations of further Fed rate cuts.

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