Markets remain cautious at higher levels
Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets—both in India and globally.
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Market Overview
Nifty opened at 24,753.40 and reached an intraday high of 24,781.25 before adopting a bearish trend. In the first hour, it fluctuated between 24,690 and 24,750, then declined by 100 points to a low of 24,601.75 around 12:15 PM. In the afternoon, the market remained within the 24,630 to 24,680 range, ultimately closing at 24,668.25, marking a 0.4% decrease for the day.
During the day, the India VIX, which measures market volatility, spiked by 10% intraday and settled with a 7.5% increase, reflecting investor caution ahead of the U.S. Federal Reserve's interest rate decision later in the week.
Broader Market Performance:
Despite the Nifty's decline, the broader market exhibited resilience. On the NSE, 1,515 stocks advanced, 1,328 declined, and 60 remained unchanged, indicating a positive market breadth.
Sectoral Performance:
Sectoral performance was mixed. The Realty and Media sectors recorded the highest gains, while the Bank Nifty remained flat. In contrast, the Information Technology and Metal sectors experienced declines, reflecting varied investor sentiment across different industries.
Note: The above numbers for Commodity futures were taken around 4 pm.
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 19th December:
The maximum Call OI is at 25,000, followed by 24,700 & 24800, while the maximum Put OI is at 24,500, followed by 24,700.
Immediate downside support is observed at the 24,500 level, followed by the 24,400–24,350 range. On the upside, minor resistance is around 24,800, with a stronger resistance at 25,000.
Note: OI is subject to multiple interpretations but generally, in a falling market if there is an increase in the call OI, it indicates resistance, and in a rising market, if there is an increase in the put OI, it indicates support.
Source: Sensibull
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What’s happening in India
India's wholesale prices rose by 1.89% year-on-year in November 2024, easing from 2.36% in October and below the forecast of 2.2%. The moderation was driven by slower food price increases (8.92% vs 11.59%), particularly vegetables (28.57% vs 63.04%) and onions (2.85% vs 39.25%). Manufacturing prices reached a 22-month high at 2.00%, while fuel and power prices continued to decline (-5.83%). Dive deeper
India's merchandise trade deficit hit a record $37.8 billion in November 2024, up from $20.6 billion a year earlier. Imports rose 27% to $69.95 billion, while exports declined 5.3% to $32.1 billion, marking a two-year low. Dive deeper
Reliance Industries has acquired a 74% stake in Navi Mumbai IIA Private Limited (NMIIA) for ₹1,628.03 crore. NMIIA, focused on developing Integrated Industrial Areas in Maharashtra, is now a subsidiary of RIL, while CIDCO retains a 26% stake. Dive deeper
Afcons Infrastructure has been recognized among the Top 75 Innovative Companies at the CII Industrial Innovation Awards 2024. It also received awards for the Kolkata Metro UG1 Package and Maharashtra Samruddhi Mahamarg PKG-14 under the transportation infrastructure category for railways and roads, respectively. Dive deeper
RITES shares rose 1.92% to ₹302.15 after securing a ₹297.67 crore project from the Ministry of External Affairs for constructing an Integrated Check Post. The project is expected to be completed within 59 months, including the defect liability period. Dive deeper
Wockhardt shares rose 9.60% to ₹1,531.10 after its antibiotic Zaynich enabled a successful liver transplant for a US patient with drug-resistant infections. Zaynich is in Phase III trials and has been used under compassionate programs for 45 patients. Dive deeper
RBL Bank (-0.41%) has approved the reappointment of Mr R Subramaniakumar as Managing Director & CEO for a three-year term from June 23, 2025, to June 22, 2028, subject to RBI and shareholder approval. Dive deeper
LTIMindtree has launched an AI-driven Cyber Defense Resiliency Center (CDRC) in Bengaluru to provide cybersecurity solutions for global clients. The centre focuses on threat detection, incident response, and building enterprise resilience. Dive deeper
HBL Power Systems shares rose 1.42% to ₹704.9, after hitting an intraday high of ₹738.65, driven by a ₹1,522.40 crore order from Chittaranjan Locomotive Works for KAVACH Train Collision Avoidance Systems on 2,200 locomotives. Dive deeper
Mastek (+0.08%) has achieved AWS Well-Architected Partner Status, highlighting its expertise in optimizing AWS architectures for efficiency, resilience, and cost-effectiveness. This status enables Mastek to further support clients in designing and optimizing secure and reliable cloud systems across industries. Dive deeper
Caplin Steriles Limited, a subsidiary of Caplin Point Laboratories (-1.03%), has received USFDA approval for its Difluprednate Ophthalmic Emulsion 0.05% (Eye Drops), a generic equivalent to Durezol. The product is indicated for treating inflammation and pain following ocular surgery and anterior uveitis. Dive deeper
Trident Limited (+0.60%) has approved restructuring its overseas subsidiaries, transferring Trident Global Inc. (USA) and Trident Europe Limited (UK) to Trident Group Enterprises Pte. Ltd. (Singapore), making them step-down subsidiaries. It also plans to acquire THTL Trading L.L.C. in Dubai with a fund infusion of up to USD 10 million for these initiatives and future growth. Dive deeper
Happy Forgings Limited (-1.70%) has received a ₹140 crore order to supply crankshafts for the passenger vehicle segment from FY26 to FY31, with deliveries starting in FY26. Peak annual revenues may reach ₹50 crore from FY28, depending on vehicle sales. Dive deeper
Kalyani Strategic Systems Limited, a subsidiary of Bharat Forge, will acquire a 25% stake in Edgelab S.p.A. for €2.5 million. Edgelab, specializing in marine robotics and underwater vehicles, is preparing for its IPO on Euronext Growth Milan. Dive deeper
Samvardhana Motherson International Limited (+2.86%) will acquire Brazil-based Baldi Industria e Comercio Ltda for BRL 47 million (~USD 7.8 million) through its subsidiary. Baldi, a Tier 2 automotive supplier, specializes in wrapping solutions and soft-touch surfaces for vehicle interiors. Dive deeper
Glenmark Pharmaceuticals Inc., USA, has launched Lacosamide Oral Solution, 10 mg/mL, a bioequivalent alternative to Vimpat Oral Solution. The product adds to Glenmark’s portfolio of 201 authorized products in the U.S. market. Dive deeper
Patanjali Foods has commenced commercial production at its Niglok Palm Oil Processing Mill in Arunachal Pradesh, with a crushing capacity of 5 MTs per hour, effective December 16, 2024. Dive deeper
Nissan is focused on expanding its India operations, adding 600 jobs at its Chennai plant to support increased production and upcoming models. The company aims to triple domestic and export volumes by FY26 and expects 45% sales growth in FY25, driven by the Magnite SUV and expanded exports to 65 countries. Dive deeper
Retail borrowings have driven growth in Indian banks' loan books, with states in the lower half of the market contributing 49% of borrowings, up from 44% in 2013-14. Maharashtra, Delhi, and Gujarat lead in retail loans, with home loans accounting for 47% of retail lending in FY24. Dive deeper
Kotak Special Situations Fund is set to lend ₹4,000 crore to Bilt Graphic Paper Products to refinance its debt, with the deal expected to close in Q1 FY25. Separately, Axis Bank has initiated a Swiss auction for security receipts linked to Bilt Graphic following an offer from Bank of America. Dive deeper
Waaree Energies (-2.61%) has secured two domestic module supply orders totalling 398 MW, comprising 249 MW and 149 MW projects. The orders include high-efficiency Glass N-type Topcon modules, rated at 580/585 Wp, scheduled for delivery in FY25-26. Dive deeper
Shriram Finance plans to raise $500 million through bonds and loans in Q4 FY24, following the $750 million raised earlier. The move aligns with RBI's push for NBFCs to diversify fundraising sources. Dive deeper
Dixon Technologies hit an all-time high of ₹18,830 after announcing a joint venture with Vivo India to manufacture smartphones and electronics. Dixon will hold a 51% stake, while Vivo will own 49%. Dive deeper
What’s happening globally
Eurozone wages grew 4.4% year-on-year in Q3 2024, slowing from 4.9% in Q2. Wage growth eased in Germany (4% vs 5.7%) and France (2.7% vs 3.3%) but increased in Spain (4.7% vs 3.9%) and Italy (5.2% vs 4.2%). Dive deeper
The UK Manufacturing PMI fell to 47.3 in December 2024, indicating the sharpest contraction in 11 months. The decline was driven by reduced production, weaker new orders, and falling export sales, alongside rising purchasing prices. Dive deeper
China's retail sales grew by 3% year-on-year in November 2024, slowing from 4.8% in October and marking the weakest growth since August. Sales declined for several categories, including cosmetics (-26.4%), clothing (-4.5%), and daily necessities (1.3%). On a monthly basis, retail sales fell by 0.16%. Dive deeper
Malaysian palm oil futures rose over 1.5% to above MYR 4,800 per tonne, driven by increased demand from China and expectations of lower production due to heavy rainfall. Early December shipments fell 9.8%, and India’s November imports eased to 841,993 metric tons. Dive deeper
The Trump transition team has proposed repealing a car-crash reporting rule opposed by Tesla, which has reported over 1,500 crashes under the program. It is unclear if the administration will act on the recommendation. Dive deeper
Indonesia's trade surplus rose to USD 4.42 billion in November 2024, supported by a 9.14% growth in exports, while imports remained flat at 0.01%. Year-to-date, the trade surplus reached USD 28.89 billion. Dive deeper
Management chatter
In this section, we pick out interesting comments made by the management of major companies and policymakers of the Indian and Global Economy.
Aloke Bajpai, CEO of Le Travenues Technology Ltd (Ixigo)
All-time high domestic airfares this season
Jammu, Sri Nagar, Dehradun, Udaipur, Leh have shown strong demand
Seen Varanasi, Amritsar, Shirdi, and Tirupati doing well
Vietnam, Bali booking is up 100% for us
International travel has gained prominence due to higher prices domestically. - Link
Calendars
In the coming days, we have the following major events and corporate actions:
That’s it from us. Do let us know your feedback in the comments and share it with your friends to spread the word.
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more management chatter please