POST-MARKET SUMMARY 9th December 2024

On December 9, the Indian equity markets traded in a narrow range and ended lower for the second consecutive session amid selling pressure. FMCG and media sectors fell 2% each, while pharma, PSU Bank, auto, and energy dipped 0.5% each. In contrast, the metal sector rose 0.6%, and consumer durables added 0.5%.

NIFTY:  The index opened 34 points lower at 24,633 and made a high of 24,705 before closing at 24,619. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,670 while immediate support is at 24,550.

BANK NIFTY: The index opened 129 points lower at 53,380 and closed at 53,407. Bank Nifty has formed a gravestone doji kind of candlestick pattern on the daily chart. Its immediate resistance level is now placed around 53,700 while immediate support is around 53,250.

Stocks in Spotlight

▪  Star Health & Allied Insurance: Stock tanked over 4% after it received a Show Cause Notice from the Insurance Regulatory & Development Authority of India (IRDAI) for non-compliance with various IRDAI regulations and guidelines.

▪  CEAT: Stock jumped over 10% after the company announced a $225 million all-cash deal to acquire Michelin's Camso Off-Highway construction equipment tyre and tracks business.

▪  Roto Pumps: Stock closed 8% higher after the company secured major orders for its Solar Submersible Pumping Systems across Australia, South Africa, and the Indian states of Chhattisgarh and Maharashtra. Also read: Small-Cap Stock Surges 13.5% on 400+ Major Orders

Global News

▪  The pan-European Stoxx 600 edged higher on Monday as investors reacted to geopolitical tensions in the Middle East following the ousting of Syrian President Bashar al-Assad. Attention also remains on the European Central Bank, expected to cut interest rates again this week.

▪  Gold prices climbed 1% on Monday as China’s central bank resumed gold purchases after a six-month pause, while expectations for an interest rate cut at the Federal Reserve’s meeting next week strengthened.

▪  Oil prices climbed over 1% on Monday as top importer China flagged its first move toward a loosened monetary policy since 2010 aiming to bolster economic growth.

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