Market Outlook 26th Dec 2024
On December 24, Indian stock markets couldn’t maintain their early gains and ended lower. The Nifty dropped 26 points to close at 23,728, while the Sensex lost 67 points, ending at 78,473.
The market was mostly flat throughout the day, with little movement, and ended with a small inside candle pattern on the charts. This suggests that traders are waiting for a breakout in either direction.
The Nifty Bank index fell 85 points to 51,233, and the Midcap index dropped 35 points to 57,058. Metal stocks, which had gained on Monday, were the biggest losers, while auto stocks had a mixed performance after the release of December vehicle registration data.
Tata Group stocks went up, supported by news of a potential IPO from Tata Capital. Siemens continued to fall, down nearly 15 per cent in three days. Biocon gained 5 per cent after getting approval for its Bengaluru unit from the US FDA.
IndiGo rose 4 per cent after a positive brokerage report. Stocks of city gas companies gained up to 2 per cent due to news of an excise duty cut.
The market breadth was neutral, with as many stocks advancing as declining i.e. 1:1.
ITC, Tata Motors, Tata Consultancy Services, Mahindra & Mahindra, and Trent were the top gainers in the Nifty, while Infosys, SBI, HDFC Bank, Power Grid, and Titan were the biggest losers.
ECOS MOBILITY – TECHNICAL CALL OF THE DAY
The stock price has closed near its 20-EMA of 289.21 and it is also below its RSI of 30 which typically indicates an oversold condition.
With a risk-reward ratio of 1 and volumes also increasing which may support the upward momentum.
Buy ECOSMOBILITY CMP 288 SL 284.20 TGT 297.40
The Nifty Bank index fell 85 points to 51,233, and the Midcap index dropped 35 points to 57,058. | File/ Representational Image
Amber Enterprises:
With respect to news item appearing on moneycontrol.com quoting “Amber Enterprises looking to demerge electronics division”, the company has clarified that they have several subsidiaries, and it evaluates various strategic opportunities from time to time for their growth and expansion in the ordinary course of business including but not limited to various fund-raising activities.
As on date, there is no such event that triggers the disclosure obligations. Based on this news, the stock rallied and touched a 52-week high of Rs 7,498.70 during the day.
BPCL:
The company participated in NTPC’s tender for the selection of Solar Power Generators to establish 1200 MW ISTS-connected solar PV power projects across India. During the Reverse Auction, BPCL emerged as the lowest bidder for a capacity of 150 MW.
Upon finalization of the contract, the project will be developed over a two-years timeline at an estimated capital outlay of Rs 756.45 crore and is projected to generate annual revenue of approximately Rs 100 crore by producing around 400 million units of clean energy.
Panacea Biotec:
Panacea Biotec has received a Letter of Award from UNICEF for supply of 115 million doses of its bivalent oral polio vaccine (bOPV) worth ~USD 14.95 million (~Rs.127 Crore) in CY25. The supply of bOPV to UNICEF for its requirements in countries in Africa / Asia region as per the orders as may be received from time to time.
Walchandnagar Industries:
The company has received a Purchase Order from Fluorine Korea Co. Ltd. for manufacture and supply of HF Reactor for FK Fischer Project amounting to Rs 44,94 crore. The delivery will be completed approximately by October 2025.
Apollo Hospitals:
Apollo Healthco Limited (“AHL”), a material subsidiary of Apollo Hospitals acquires the business of operating the software and all intellectual property and improvements relating thereto or associated therewith, along with all related assets and liabilities from Searchlight Health Pvt Ltd (“SHPL”), on a ‘going concern’ and ‘slump sale’ basis for a lump sum consideration of Rs 67.50 crore. The expected date for completion of the business transfer is on or before 28th February 2025.
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