Market Outlook 1st Jan 2025
Indian benchmark indices ended Tuesday with modest losses, marking the second consecutive day of decline. The Nifty 50 closed just below 23,650, after reaching a high of 23,689.85 points during the afternoon. The S&P BSE Sensex fell by 109.12 points, or 0.14 per cent, to close at 78,139.01. The Nifty 50 ended nearly flat at 23,644.80.
The market was pressured by weakness in IT stocks, though gains in sectors like pharma, PSU banks, and oil and gas provided some support. Investor sentiment remained cautious due to a rising US dollar and continued selling by foreign institutional investors (FIIs) as the year ended.
On the daily chart, Nifty has held its trend line support and formed a bullish candle, suggesting strength. The 200-day simple moving average (200-DSMA) is around 23,870, acting as a short-term resistance, while 23,500 will serve as the support level.
The Bank Nifty closed slightly lower at 50,860. It bounced back from its trendline support and held above the 200-day simple moving average (200-DSMA) around 50,600. The formation of a green candle on the daily chart signals strength.
On the upside, the 50-day exponential moving average (50-DEMA) near 51,915 will act as resistance. In the short term, Bank Nifty is likely to trade between 50,500 and 52,000, with a breakout in either direction setting the trend.
Major laggards included Adani Enterprises (down 2.48 per cent), Infosys (down 1.31 per cent), and ICICI Bank (down 0.92 per cent).
For the year 2024, the Sensex rose by 8.17 per cent, the Nifty gained 8.8 per cent, and the Bank Nifty increased by 5.32 per cent. Broader market indices outperformed the benchmarks, with the S&P BSE Mid-Cap index up by 0.13 per cent and the S&P BSE Small-Cap index rising by 0.71 per cent.
The market breadth was positive, with 2,320 advancing shares, 1,649 declining, and 110 remaining unchanged.
The NSE’s India VIX, which measures market volatility expectations, increased by 3.39 per cent to 14.45.
GLENMARK – TECHNICAL CALL OF THE DAY
Price has broken out of an accumulation zone with higher than average buying volumes visible on the daily scale.
The ROC indicator is headed up confirming the upward momentum.
Buy GLENMARK CMP 1609 SL 1570 TGT 1685
Indian benchmark indices ended Tuesday with modest losses, marking the second consecutive day of decline. | FPJ Library
Dynacons System:
Dynacons has secured the Rs 280 crore project to augment the IT Data Center infrastructure of Canara Bank. This comprehensive, turnkey initiative underscores Dynacons’ expertise in delivering advanced data center solutions for mission-critical environments.
The project spans 5 years and encompasses the supply, implementation, and maintenance of cutting-edge infrastructure, including 500 servers, high-performance storage systems, and an extensive suite of IT hardware and software.
By transforming Canara Bank’s data center capabilities, Dynacons is poised to strengthen the bank’s digital foundation and ensure seamless operations at scale.
Indo Tech Transformers:
The company has received Letter of Intent (LOI)/ Purchase Order (PO) for supply of 13 Nos of 150 MVA transformers. The aggregate value of the order under the said LOI/ PO is Rs 117.17 crore plus applicable taxes. The time period for completion of the said order is as per month-wise delivery schedule with last delivery likely to be December 2025.
Further the Board has approved a Capital Expenditure Proposal of Rs 75 crore for enhancement of plant capacity to 16000 MVA from the existing 9500 MVA executable over FY24-27.
GTPL Hathway:
GTPL Hathway has entered into a share transfer agreement, to acquire a balance 49 per cent of equity stake from the existing shareholders of GTPL Vision Services, its subsidiary company for a cash consideration of Rs 1,131/- per equity share aggregating Rs 11.31 crore. The aforesaid acquisition of equity shares is for consolidation of business operations. Post acquisition, GTPL Vision will become a wholly owned subsidiary of the company.
Incorporated in 2008, GTPL Vision is engaged in the distribution of television channels. The turnover of GTPL Vision for FY24, FY23 and FY22 was Rs 16.52 crore, Rs 16.50 crore and Rs 18.50 crore, respectively.
Paytm, Mobikwik:
The National Payments Corporation of India (NPCI) has extended the deadline for Unified Payments Interface (UPI) providers to adhere to its 30% market share limit by 2 more years to 31st December 2026. With Paytm getting back on track with four new partner banks and new apps/UPIs showing early traction, the dominance on the UPI payments market will get resolved on its own in the coming period.
Kalpataru Projects:
Kalpataru Projects along with its international subsidiaries have secured new orders/notification of awards of Rs 1,011 crore. The details of the aforesaid new orders are a) Orders in the Transmission & Distribution (T&D) business in overseas markets; b) Orders in the Railway business in India and c) Orders in the Buildings & Factories (B&F) business in India.
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