IGI Logo

Market Update

* In the final hour of trading, buying interest led to a recovery, with the Nifty regaining almost all of its intra-day losses and closing flat on the last trading day of 2024. IT stocks were the biggest losers, though they still outperformed mid-cap and small-cap stocks. The Nifty ended at 23,644, matching the previous day's closing level, after reaching an intra-day low of 23,460.

* The Sensex fell by 109 points, or 0.1%, to 78,139. The Nifty small-cap index gained over half a percent. The advance-decline ratio for Nifty 500 stocks was 1.5:1, signaling positive momentum in mid and small-cap stocks. Oil and gas, PSU, and pharma stocks were among the top gainers, while IT stocks struggled.

* The Nifty IT Index fell by over 1% after the US Federal Reserve signaled fewer rate cuts in 2025, impacting Indian IT firms that rely heavily on US revenue. Oil and gas stocks saw strong gains, with the Nifty Energy Index rising 1%.

* This boost was driven by expectations of strong quarterly results and a significant rise in Singapore's Gross Refining Margin (GRM), which surged from $2 per barrel to $7 per barrel in the past three months. ONGC, OIL India, MRPL, and Chennai Petro saw gains of 2-5%.

* Globally, both Asian and European markets declined due to concerns over potential trade tariffs from US President-elect Donald Trump, which dampened market sentiment. However, the China Index saw a slight gain after the country reported impressive December PMI data.

Global Market Update

* European Market - Equity markets in the UK and France fell in thin trading, leading the European benchmark to wrap up 2024 with modest gains. Concerns over potential trade tariffs by the US President-elect Donald Trump have weighed on European equities with China exposure in particular. Political upheaval in France and Germany has also soured mood this year.

* Asian Market - Asian markets shares were mixed on Tuesday, with trading closed in Tokyo and Seoul for New Year holidays. Australia's Index skidded 1%. Hong Kong's Hang Seng added nearly 0.1% to 20,059.95, while the Shanghai Composite lost 0.7% to 3,383.86 after Chinese manufacturing data seemed to show that Beijing's stimulus measures have not done enough to boost the nation's sluggish economy 

For More Motilal Oswal Securities Ltd Disclaimer http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html

SEBI Registration number is INH000000412