By theindianinvestor 
Friday , 03 January 2025
Time : 8:30 AM IST
insights:
Let’s understand yesterday’s market:
1. Nifty gained 446 points, closing at 24,188.
2. It was a broad-based market rally, with all indices closing in the green. India VIX fell by 5%.
3. The small-cap index rose by 0.6%, while the mid-cap index gained 1.14%. After several days, Reliance emerged as the top mover in Nifty alongside Infosys, with both contributing nearly 90 points to the index.
4. The top-performing sector was the auto sector, led by Eicher Motors in the two-wheeler segment, which posted its best December auto sales numbers.
5. However, the rising dollar index, currently at 109.16, is a concern. While this benefits export-oriented sectors like IT and pharma, it is not favorable for broader markets. Bond yields are consolidating at 4.57%. If these do not cool off, it may lead to further FII outflows.
6. FIIs bought ₹1,507 crores yesterday covered shorts, with their net shorts reducing to 80% from 86% the previous day.
Today’s Cues:
7. US markets ended in the red after US initial jobless claims data came in below expectations.
8. Asian markets are trading mixed, with Japanese markets closed today.
9. GIFT Nifty is indicating a negative start, down by 100 points as of now.
Key Levels:
• Nifty closed above 23,850, which is the 200-day EMA, a positive sign.
• Markets may find support at 23,850 and face resistance at 24,300.