Markets Today: Wall St. in red; FIIs; Ventive, Senores Pharma, Carraro IPOs

Stock Markets Today, December 30: The benchmark indices, Nifty50 and Sensex, are set for a cautious opening on the penultimate trading day of the year, as global uncertainties dampen investor confidence. 

 

Early signs hinted at a flat start, with GIFT Nifty Futures trading about 9 points higher at 24,001 level at 6:35 AM. In the previous session, the Sensex climbed 226 points, or 0.29 per cent to close at 78,699.07. Meanwhile, the Nifty50 settled 63 points, or 0.27 per cent higher at 23,813.40. 

 

Domestic cues

 

The 2024-25 (FY25) October-December (Q3) quarter earnings are expected to mirror those of the second quarter (Q2), with key sectors grappling with a demand slowdown. The government’s approach to the economic downturn and its priorities will become evident in the upcoming Budget, says Jimeet Modi, founder and chief executive officer of Samco Group. READ MORE

 

 

Also Read: Cheap imports, declining FDI challenge India's textile export ambitions

 

On the economy front, following the lacklustre growth numbers in the second quarter (Q2FY25), economists believe the upcoming Union Budget for 2025-26 should focus on reforms that will stimulate consumption, manufacturing and spur employment. India’s growth unexpectedly slowed to 5.4 per cent in the second quarter, due to low capital formation, weak consumption, besides adverse weather impact. READ MORE

 

Other triggers

 

FII, DII 

FIIs sold shares worth Rs 1,323.29 crore on December 27. Contrastingly, DIIs bought equities worth Rs 2,544.64 crore.

 

IPO market 

Ventive Hospitality IPO (Mainline), Senores Pharmaceuticals IPO (Mainline), Carraro India IPO (Mainline) will list on the bourses.

 

Also Read: 2024's IPOs explode with 31% Day 1 pop: Fireworks or false start?

 

Citichem India IPO (SME) will enter Day 2, while Anya Polytech IPO (SME) will enter its last day of subscription. 

 

Global cues 

Asia-Pacific markets opened lower on the second-to-last trading day of the year, following a decline on Wall Street. South Korea’s Kospi dipped in early trading, but recovered afterwards. Last checked, Kospi was up 0.8 per cent

 

The nation faced tragedy on Sunday with its deadliest air disaster, as a Jeju Air plane crashed into a wall at Muan International Airport, bursting into flames and claiming 179 lives. In response, Jeju Air shares fell 13 per cent at the market open.

 

Economic data from South Korea showed industrial output contracting by 0.7 per cent in November compared to the previous month, exceeding the anticipated 0.4 per cent decline. On an annual basis, output edged up by only 0.1 per cent, falling short of the forecasted 0.4 per cent increase and marking a sharp drop from October’s 6.3 per cent growth. 

 

The country also faced political upheaval as its parliament impeached acting President Han Duck-soo on December 27, shortly after President Yoon Suk Yeol was impeached following a brief martial law decree, plunging the nation into turmoil.

 

Elsewhere in the region, ASX 200 traded 0.42 per cent lower, while Nikkei 225 slipped 0.6 per cent.

 

Traders now await China’s manufacturing PMI data due on Tuesday, while markets will remain closed on Wednesday for the New Year’s Day holiday.

 

In the US, stocks fell on Friday, led by declines in technology shares. The Dow Jones lost 0.77 per cent, ending a six-day winning streak. The S&P 500 fell 1.11 per cent, while the Nasdaq slid 1.49 per cent.

 

Commodity check

 

Gold prices declined on Friday as the rising US Treasury yields reduced the appeal of non-yielding bullion during a holiday-shortened week. Spot gold fell 0.7 per cent to $2,615.99 per ounce, while US gold futures dropped 0.8 per cent to $2,633.50.

 

Oil prices, on the other hand, ended the week on a positive note, rising more than 1 per cent on Friday and posting weekly gains despite low trading volumes ahead of the year-end. The increase was driven by a larger-than-anticipated drawdown in US crude inventories. Brent crude futures climbed 1.2 per cent to $74.17 per barrel, while US WTI crude futures rose 1.4 per cent to $70.60 per barrel.

 

Here's how analysts are assessing today's (December 30) trading session:

 

Hrishikesh Yedve, AVP of technical & derivatives research at Asit C Mehta Investment

 

The 200-DSMA is placed around 23,860, which will act as an immediate hurdle for Nifty. A sustainable move above this level could drive the index towards 24,000–24,100. On the downside, 23,500 remains a key support. In the immediate term, Nifty is expected to consolidate between 23,500 and 23,900, with a breakout on either side defining its next move.

 

Amol Athawale, VP of technical research at Kotak Securities

 

The 200-day SMA or 23860/78800 will be a key breakout level. If the market moves above this level, it could bounce back to 24000/79500. Further upside may also continue, potentially lifting the index to 24240/80200. Conversely, if it falls below 23650/78100, the sentiment could change, and the market might slip to 23500-23450/77700-77500.