Market Savera - 16/12/2024

Stock Market Updates

Morning Market Comments

U.S. stocks closed mixed Friday, For the week, the Dow posted a 1.8% decline, while the S&P 500 slid about 0.6% and ended a three-week winning streak. This year’s frontrunners, big technology stocks, set a record while Treasuries sank as investors braced for a slowdown in the pace of the Federal Reserve’s interest-rate cuts ahead of a meeting next week.

The Federal Reserve is set to cut its benchmark interest rate by a quarter-percentage point this week on Wednesday, staying on the path it has laid out to slowly bring rates down.

Bitcoin surged to a record high above $106,000 in early Asian trade on Monday, boosted by comments from President-elect Donald Trump that suggested he plans to create a U.S. bitcoin strategic reserve similar to its strategic oil reserve.

Most Asian stocks traded in narrow ranges though mostly in the positive early Monday as surging bond yields challenged equity valuations, particularly for the richly priced tech sector, in a week packed with central bank meetings and major economic data. Interest rates are expected to fall in the United States and Sweden, and hold steady in Japan, the UK and Norway.

ONGC's production trend is beginning to turn after eight straight years of fall as a key new field in KG Basin ramps up and the old Mumbai High asset arrests decline.

Indus Towers will acquire a 26% stake in JSW Green Energy Eight Ltd, a special purpose vehicle (SPV) involved in the renewable energy space, for a cash consideration of Rs 38.03 crore.

Drug makers Aurobindo Pharma, Glenmark and Zydus are recalling products in the US market due to manufacturing issues.

Nifty finally broke out from the consolidation of the last 5 trading sessions on Dec 13 after a highly volatile session. Nifty seems to have got back its bullish momentum. Short term support for the Nifty is seen at 24399, while resistance for the same is seen at 24992.

Indian markets could open mildly lower, despite mostly higher Asian markets today and mixed US markets on Dec 13