Market Today: GIFT Nifty down; Indo Farm IPO Day 2, Citichem IPO allotment

Stock Market Today, Wednesday, Jan 1, 2025: Stocks markets are expected to be range-bound today, peppered mostly with stock-specific action. At 6:50 AM, GIFT Nifty was down 71 points

Stock Market Today, Wednesday, January 1, 2025: Indian stock markets will open on the first day of the new calendar year 2025 today. Trading, however, may be with muted volumes as nearly all global markets are shut today.

Stock Markets Outlook 2025:

The Sensex and the Nifty 50 indices closed flat on the final trading day of the year, at 78,139 and 23,645, respectively. The Sensex added 8.2 per cent in 2024, while the Nifty 50 rose by 8.8 per cent — significantly slower than the previous year’s nearly 20 per cent surge for both indices. 

 

 

Meanwhile, the broader market indices, Nifty MidCap 100 and Nifty SmallCap 100, outperformed, with gains of 24 per cent.

 

Most analysts forecast another year of single-digit or low double-digit returns for domestic equities, with expectations for higher volatility than in recent years. For instance, domestic brokerages HDFC Securities and Kotak Securities have set end-2025 Nifty 50 targets at 26,482 and 26,100, respectively, implying potential upside of 10-12 per cent from current levels. READ MORE

Stock Market Today Prediction, January 1, 2025:

Stocks markets are expected to be range-bound today, peppered mostly with stock-specific action. Auto stocks will be in focus amid December sales data.

 

At 6:50 AM, GIFT Nifty futures were down 71 points at 23,735 level.

 

That apart, traders may begin taking positions in stocks ahead of the October-December (Q3FY25) results season, which begins with Tata Consultancy Services’ (TCS’) results on January 9, 2025. 

 

Infosys will announce its Q3FY25 results on January 12, 2025.  On the economic front, the government's capital expenditure in the April-November period of financial year 2024-25 (FY25) continued to contract with a 12.3 per cent decline year-on-year (Y-o-Y), according to data released by the Controller General of Accounts on Tuesday.   Moreover, the output of eight key infrastructure sectors slowed down to 4.3 per cent in November 2024 against 7.9 per cent growth registered a year ago, according to official data released on Tuesday. READ MORE

 

Global Markets Today

Markets across Australia, Japan, South Korea, Hong Kong, the UK, Europe, and the US are shut today on account of New Year’s Day holiday. 

 

Overnight, US stocks edged lower with the S&P 500 index closing 0.43 per cent lower at 5,881.63, while the Nasdaq Composite dipped 0.9 per cent to 19,310.79 on 2024’s final day of trading. The Dow Jones Industrial Average slipped just 0.07 per cent to end at 42,544.22.

 

The S&P 500 surged 23.31 per cent in 2024, building on a gain of 24.2 per cent from last year. Meanwhile, the Dow added 12.88 per cent in 2024, while the Nasdaq has outperformed with a gain of 28.64 per cent.

 

IPO Listing, IPO Allotment Today

In the primary market, mainboard Indo Farm Equipment IPO will enter its second day today. On Day 1 of the subscription, Indo Farm IPO garnered bids 17.7-times more than the bids on offer.  The retail portion was subscribed 18.5x, NII portion 28.57x, and QIB 8.1x.

 

In the SME category, Technichem Organics IPO will enter its second day. Technichem IPO was subscribed 7.9x on Day 1, led by retail investors. 

 

That apart, the initial public offering of Leo Dry Fruits and Spices will open for subscription today. The issue is a book-built issue of Rs 25.12 crore. The issue is entirely a fresh issue of 4.83 million shares. Leo Dry Fruits and Spices IPO price band is set at Rs 51 to Rs 52 per share.

 

Lastly, the IPO allotment of Citichem India will be finalised today. The fixed price IPO of Rs 12.6 crore was subscribed a whopping 414.35x on the final day.

 

IPOs, Fund Raising in 2024:

The year 2024 saw a record number of initial public offerings (IPOs), both on the mainboard and in the small and midsized enterprise (SME) segment. Fundraising through the qualified institutional placement (QIP) route surpassed Rs 1 trillion for the first time, while share sales by private equity funds and promoters in listed companies via block deals also reached an all-time high of over Rs 6 trillion. READ MORE

 

Economic Outlook 2025: India Inc sees demand recovery, capex surge

A survey conducted by Business Standard in December, involving 50 chief executive officers, found that 80 per cent believe the government should offer greater tax incentives to the common person to boost consumption. READ MORE

How to trade Sensex, Nifty today, January 1? Key levels to watch today:

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities:

A small positive candle was formed on the daily chart with minor upper and lower range. Technically, this market action is indicating counter attack by bulls after an attempt of false downside breakout of the range movement.

 

A small red candle, however, was formed on the weekly chart. Nifty could, broadly, stay in a range of 23,500-24,000 levels in the near-term.

 

Rupak De, Senior Technical Analyst, LKP Securities:

Following a weak start, the Nifty recovered smartly during the day. However, the technical setup remains unchanged as the index failed to break above any significant moving averages. Despite this, sentiment appeared to improve throughout the session. On the higher end, if Nifty moves above 23,700, it could advance towards 23,900-24,000. On the lower end, support is placed at 23,550.

 

Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Interrmediates Ltd:

On the upside, 200-Days Simple Moving Average (200-DSMA) for Nifty index is placed near 23,870, which will act as a short-term resistance, while 23,500 will act as support. In the immediate term, Nifty is expected to consolidate between 23,500 and 23,900.

 

Meanwhile, the Bank Nifty index reversed from trendline support and defended its 200-Days simple moving average (200-DSMA), which is near 50,600. Furthermore, the index has formed a green candle on the daily chart, indicating strength. On the upside, 50-Days Exponential Moving Average (50-DEMA) is placed near 51,915 which will act as resistance. In the short term, Bank Nifty is expected to trade within the 50,500–52,000 range.