US FED KEEPS RATES UNCHANGED; INDICES OPENED WITH A BIG GAP UP & CLOSED WITH IMPRESSIVE GAINS

NIFTY:

The NIFTY opened at 21110.40 with a big gap up of 184 points. The index continued its early morning bullish momentum and rallied sharply but soon found resistance. Prices saw a minor dip, went into a consolidation, and eventually broke on the upside. A rally began but again found resistance and saw a sharp decline but saw some recovery towards the end. The index first recorded its intraday low at 21074.45 in its initial trades, then its intraday high at 21210.90, and finally closed at 21182.70 near its intraday highs with a gain of 256.35 points or 1.23% up. All the sectoral indices have moved in line with the NIFTY and closed higher except for MEDIA which ended with a loss of 0.38%. The IT and REALTY outperform. A short-term support is also visible around 21000. There is no visible resistance as the index is moving in uncharted territory.

BANK NIFTY:

The BANK NIFTY opened at 47567.65 with a big gap up of 443 points. The index continued its early morning bullish momentum and started moving higher from its opening tick. However, soon prices found resistance and then went into a consolidation. That sideways move continued till the end. The index recorded its intraday low at 47510.85, its intraday high at 47943.60, and finally closed at 47737.90 with a gain of 613 points. PVT BANKS have outperformed, saw a sharp upside move, and closed with a gain of 1.46%. PSU BANKs have also moved up, saw a modest rally, and ended with a gain of 0.59%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while BANK BARODA contributed the lowest. The short-term trend is up. The index again recorded lifetime new highs at 47943.60. We have been tracking support around 46500. This support has now shifted upward at 47000 whereas there is no visible resistance as prices are moving in uncharted territory.

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News Updates

• Bulls drive Sensex 929 pts higher, Nifty ends above 21,150; IT, realty stocks top leaders. The US Federal Reserve’s dovish forecast for 2024, which tabled multiple rate cuts starting in the new year cheered investors. At close,the Sensex was up 929.60 points or 1.34 percent at 70,514.20, and the Nifty was up 256.40 points or 1.23 percent at 21,182.70. The market breadth was in favour of gainers as around1,851 shares advanced, 1,363 shares declined, and 86 shares unchanged.

• Oil demand growth in the key Asian market of India is set to slow next year as the spurt in consumption that followed the pandemic fades, echoing a slowdown in China and presenting a fresh headwind for prices.

• Gautam Adani’s copper plant in India next year will spur a sharp rise in imports of concentrate, further tightening the global supply of ore on which smelters rely. The Kutch Copper Ltd. facility, with initial capacity of 500,000 tons a year, is slated to come online in March, boosting the country’s potential production of the metal by 80%. Its launch will coincide with a dramatic drop in the availability of ore after the closure of a major mine in Panama and drastic cuts at operations owned by Anglo American Plc..

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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