By theindianinvestor 
Thursday, 02 January 2025
Time : 8:15 AM IST
insights :
Let’s Understand Yesterday’s Market:
- The Nifty index gained 98 points and closed at 23,742.
- The Nifty Small Cap index rose by 1%, while the Midcap index increased by 0.4%.
- Core sector growth in India reached a 4-month high of 4.3% in November, compared to 3.7% in October. Cement, electricity, and fertilizer industries performed well.
- Auto sales for December exceeded expectations:
- Mahindra saw a volume growth of 18% in December.
- Maruti Suzuki reported a volume growth of 24.2% in December.
- On a month-on-month basis in two wheeler segment , Eicher motors outperformed.
- FIIs sold stocks worth ₹1,782 crores, but volumes from both FIIs and DIIs remain weak. The FII long-to-short ratio is at 14%:86%.
- The average daily turnover (ADTV) in the equity derivative segment fell to a 16-month low in December due to regulatory tightening. This may have reduced retail participation and speculative trading.
Let’s Understand Today’s Cues:
- US markets were closed yesterday.
- Asian markets are trading lower today, with the Japanese markets closed. The Kospi index is down by 0.2%.
- US 10-year bond yields are trading at 4.57%, while the Dollar Index is at 108.46.
- The Nifty is still trading below its 200-day EMA. A close below 23,850 indicates a negative or range-bound movement.
- India VIX is at 14.5, rising by 4% over the last two days.
- Nifty may find support at 23,500 and resistance at 23,850.