By theindianinvestor 
Wednesday, 8th Jan 2025
Time : 8: 45 AM IST
insights :
Let’s understand yesterday’s market:
1. Nifty gained 93 points to close at 23,708.
2. The only sector in the red yesterday was the IT sector, down by nearly 0.7%. All other sectors ended in the green.
3. The Nifty Smallcap and Midcap indices were stable, gaining 1.3% and 0.9%, respectively.
4. India VIX fell by 6%, closing at 14.66.
5. FIIs net sold ₹1,491 crores, while DIIs net bought ₹1,615 crores in the cash market. FIIs’ long positions in index futures stand at 20% compared to 80% shorts.
Cues for today:
6. US markets ended lower, with the Nasdaq falling nearly 2%, driven by a 6% decline in Nvidia and a 4% drop in Tesla.
• The fall was primarily due to better-than-expected ISM services data for December, the highest since 2023.
• This led to a 6 bps spike in the US 10-year bond yield, which is now trading at 4.69%, the highest since April.
• The dollar index is trading at 108.6.
7. The government released India’s GDP growth estimate for FY 2025 at 6.4%, as expected by a CNBC TV18 poll. This marks the slowest growth in four years.
8. Asian markets are trading lower.
9. GIFT Nifty is indicating a flat to negative start.
10. Brent crude gained 1% yesterday, trading at $77/bbl due to tightened supplies from Russia and OPEC members.
Key Levels:
11. Nifty’s range as per options data is between 23,600 and 24,000. The 200-day moving average at 23,900 is a critical level to cross for further upward momentum.