Today, December 31, 2024, the Indian stock market is likely to start on a negative note. GIFT Nifty and global markets trends are putting pressure on the market. GIFT Nifty was trading with heavy fall around 23,653.50 this morning.
Last trading day (December 30) the impact of global weak trends was visible in Indian markets. The benchmark BSE Sensex fell 450 points (0.57%) to 78,248.13, while the Nifty 50 fell 168.5 points (0.7%) to 23,644.90.
Weak signals on Indian markets, rise in natural gas
- Gift Nifty:
Today GIFT Nifty is trading with a decline of more than 125 points, indicating a gap-down opening. - Global Impact:
Nearly 1% fall in American markets tomorrow and weakness in Asian markets may impact the Indian market. - Commodity Update:
- Crude oil crossed $74.
- A jump of 20% was recorded in natural gas.
Trend of 2024: Smallcap-Midcap wins
This year, smallcap and midcap indices have performed brilliantly, giving returns of more than 20%.
- Nifty-Sensex performance: Around 9% returns.
- Sectoral Hero:
- Pharma, healthcare, and realty contributed up to 40% of earnings.
ITC Hotels: Listing will happen till 16th February
The demerger of ITC’s hotel business will be effective from January 1, 2025.
- Important Dates:
- Record date: January 6.
- Listing: Till 16th February.
- ITC’s investment: ₹1,500 crore will be transferred to ITC Hotels after the demerger.
RBI warning: fear of increase in NPA
According to the Financial Stability Report of RBI, there may be a slight increase in NPAs of banks and NBFCs in the next financial year.
- Major Concern:
- Rising retail write-offs in private banks.
- Alert on assets being written off.
Mazagon Dock: Agreement with the Ministry of Defense
Mazagon Dock has signed a contract worth ₹1,990 crore with the Defense Ministry.
- Project: Manufacture of Air Independent Propulsion (AIP) Plug.
- International deal: ₹877 crore deal with French Naval Group.
Lupine: acquisition of diabetes brand
Lupine acquired the HUMINSULIN brand from Eli Lilly.
- Use:
- In the treatment of type 1 and type 2 diabetes.
- Steps to expand diabetes portfolio.
ISRO’s new record
ISRO achieved another milestone with the successful launch of Spadex.
- India’s position: Fourth country to acquire this technology.
- Achievement: Both spacecraft successfully separated from PSLV-C60.
Gift Nifty: Signs of Negative Beginning
GIFT Nifty is trading at 23,667.50 with a weakness of 168 points (0.71%). This is a sign of a weak start for the Indian market.
Global Market Update
Asian market
- Nikkei: Closed today.
- Straits Times: Weakness of 0.09%.
- Hang Seng: up 0.65%.
- Taiwan: Weakness of 0.57%.
- Shanghai Composite: down 0.25%.
- Kospi: Closed today.
US market
Wall Street closed down 1% on low volumes over the holiday week.
US bond yield
- 10-year Treasury: 4.54% (down 9 basis points).
- 2-year Treasury: 4.244% (down 1 basis point).
dollar index
The dollar index remained stable against other major currencies.
- Current level: 107.93.
fund flow update
- Foreign investors (FIIs): Sold equities worth ₹1,893 crore on December 30.
- Domestic Investors (DIIs): Bought equities worth ₹2,174 crore on the same day.
