Market Insight, 13 December 2024

Friday, 13 Dec 2024

Time : 8:15 AM IST

Report :

Understanding Yesterday’s Market:

1. Nifty Performance:
   Nifty declined by 93 points, closing at 24,548, marking the day’s lowest point. The index traded in a slightly broader range of 150 points compared to the previous sessions, where the range was around 100 points.
2. Sectoral Highlights:
   • The IT sector was in the green, with stocks like Infosys and HCL Tech touching all-time highs.
   • The Nifty Small Cap and Mid Cap indices witnessed some profit booking.
3. Macroeconomic Data:
   • CPI Data for November came in at 5.48%, better than estimates. This has likely fueled market expectations for a repo rate cut in February.
4. FII and DII Activity:
   • FII’s have sold for ₹3,560 crores.
   • DII’s have bought for ₹2,646 crores.
   • It seems FIIs are unwinding their long positions and covering shorts ahead of the year-end.

Today’s Cues:

1. Global Markets:
   • US markets closed in the red after November PPI data exceeded expectations.
   • Asian markets are trading lower.
2. Gift Nifty:
   • Gift Nifty is indicating a 100-point lower start for Indian markets.
3. Dollar Index:
   • The Dollar Index is gaining traction, trading near 107, which is not favorable for broader markets.
4. Key Levels:
   • Support for Nifty is at 24,500, while resistance is at 25,000.