Market Today: BoJ Minutes; Sanathan, DAM IPO allotment; NACDAC listing

Stock Market Today: Ventive Hospitality IPO, Senores Pharmaceuticals IPO, Carraro India IPO will close for subscription today

Stock Market Today, Tuesday, December 24: Stocks markets may remain range-bound on Tuesday, December 24, 2024, amid thin trading globally. Most western global stock markets, including the US, the UK, and Europe, will close early today (around 12:30 PM-1 PM local time), and remain closed tomorrow, Wednesday, December 25, on account of Christmas.  

Foreign institutional investors’ (FIIs’) flows, thus, may be muted during this time, causing less movement in the markets. 

 

At 7:00 AM, GIFT Nifty futures were down 12 points at 23,758 level.  

 

 

That said, minutes of the Bank of Japan’s latest monetary policy meeting, Israel news, and stock-specific activity, back home, amid lack of major domestic triggers will guide investors today. 

 

Stocks Markets Recap

The benchmark indices, the BSE Sensex and the NSE Nifty, snapped a five-day losing streak on Monday to settle in green. The BSE Sensex climbed 0.64 per cent or 498.58 points to settle at 78,540.17 while NSE’s Nifty50 rallied 0.95 per cent or 165 points to close at 23,753.45 levels.

Stock markets on Feb 1

The domestic stock exchanges, BSE and NSE, said on Monday that they will conduct a LIVE trading session on Saturday, 1 February 2025, for the presentation of the Union Budget presentation. READ MORE

 

Minutes of the Bank of Japan’s October meeting

Members of the Bank of Japan’s rate setting committee noted that Japan’s economy was likely to keep growing at a pace above its potential growth rate, with overseas economies continuing to grow moderately.

 

The members said the committee must scrutinise the impact of past interest rate hikes on the economy, and prices before deciding the next policy. If the inflation rate aligns with expectations, further rate hikes are possible, the minutes said. 

 

Israel news

The Israel Defence Forces (IDF), in the early hours on Tuesday, said sirens were sounded in several areas of central Israel following the launch of a projectile from Yemen. The projectile, however, was intercepted prior to crossing into Israeli territory, the IDF said.

 

IPO listing, IPO allotment today

Back home, primary market action will keep investors busy.  Among the mainboard IPOs, Ventive Hospitality IPO, Senores Pharmaceuticals IPO, Carraro India IPO will close for subscription today.

 

On the other hand, Sanathan Textiles IPO allotment, Mamata Machinery IPO allotment, Concord Enviro IPO allotment, Transrail Lighting IPO allotment, and DAM Capital Advisors IPO allotment will be finalised today.  

 

That apart, Unimesh Aerospace and Manufacturing IPO will enter its second day today. The IPO was subscribed nearly 4x on day 1 of the offer. 

 

In the SME space, the NSE and BSE have postponed Solar91 Cleantech IPO, which was scheduled to open today, "till further notice" on the back of pending queries in the issue. 

 

Further, shares of NACDAC Infrastructure, and Concord Control Systems will list on the bourses today. 

 

Notably, new listings through initial public offerings (IPOs) in 2024 contributed nearly 3 per cent (Rs 14 trillion) to India's market capitalisation, surpassing last year's contribution of 1.4 per cent (Rs 5 trillion). READ MORE 

In another news, electric-vehicle maker Greaves Electric Mobility has filed for Rs 1,000-crore ($117.5 million) initial public offering (IPO), according to the draft papers.

 

What did FIIs, DIIs buy and sell on Monday, December 23?

FIIs/FPIs sold India stocks worth Rs 168.71 crore on Monday. By comparison, the DIIs bought shares worth Rs 2,227.68 crore yesterday.

 

Global markets

Asia-Pacific markets were mixed Tuesday morning. While Japan’s Nikkei index was down 0.14 per cent, and South Korea’s Kospi slipped 0.24 per cent, Australia’s ASX200 added 0.08 per cent, and Hong Kong’s Hang Seng 0.14 per cent.   

Overnight, in the US, the S&P 500 gained 0.73 per cent to end at 5,974.07, the tech-heavy Nasdaq Composite rose 0.98 per cent to close at 19,764.89, and the Dow Jones Industrial Average added 0.16 per cent to settle at 42,906.95. 

 

How to trade in India stock market today? Key levels to watch out:

 

Rupak De, Senior Technical Analyst, LKP Securities:

The index has formed a bullish Harami Cross pattern on the daily chart, indicating a potential rise in market optimism. Besides, the index closed above the 200-EMA. Going forward, a decisive move above 23,850 could trigger a smart recovery towards 24,000/24,400. On the downside, support is placed at 23,540; a breach below this level may lead to further weakness in the index.

 

Devarsh Vakil - Deputy Head Retail Research, HDFC Securities:

Combination of Friday’s fall with Monday’s pullback resulted in a bullish candlestick pattern on the Nifty daily chart. Any level above 23,870 could extend the pullback in the index towards the next resistance of 24,065. On the lower side, 23,500 seems to have become a strong base in the near term.

 

Shrikant Chouhan, Head Equity Research, Kotak Securities:

After a gap-up opening, the market exhibited range-bound activity throughout the day. It also formed an inside body candle on the daily charts, which indicates indecisiveness between the bulls and bears. We believe that non-directional activity is likely to continue in the near future; hence, level-based trading would be the ideal strategy for day traders.

 

For traders now, 23,650/78,300 and 23,550/78,000, on the Nifty and Sensex, respectively, will act as key support zones, while the 200-day SMA or 23,850/78,800 and 24,000/79,300 could serve as key resistance areas for the bulls.