Market Savera - 27 / 12 / 24

Stock Market Updates

Morning Market Comments

U.S. stocks ended mixed Thursday, after the "Santa Claus rally" period kicked off on Tuesday. Stocks wavered in a quiet post-holiday session as mixed jobless claims data did little to alter bets on the Federal Reserve outlook.

Recurring applications for US unemployment benefits rose to the highest in more than three years, adding to signs that it is taking longer for out-of-work people to find a job. Initial claims, meanwhile, ticked down to 219,000 in the week ended Dec. 21.

China’s industrial profits extended declines to a fourth straight month, dropping 7.3% in November from a year earlier, signaling that Beijing’s stimulus measures have yet to meaningfully stem the slide in corporate earnings.

The World Bank on Thursday raised its forecast for China’s economic growth in 2024 and 2025, reflecting the recent policy adjustments. It now expects China’s GDP to grow 4.9% in 2024 compared with its previous projection of 4.8%, while in 2025, China’s GDP is expected to expand by 4.5%, higher than the organization’s prior forecast of 4.1%.

India will impose restrictions on the import of low-ash metallurgical coke, a key steelmaking ingredient, for six months starting January 1, 2025, a government order said on Thursday. The move aims to protect domestic producers from rising imports, which have surged by over 61% in the past four years, according to data from the federal trade ministry.

Asia-Pacific markets were mixed Friday in thin year-end trading, as some markets returned from the Boxing Day holiday and investors assessed economic data from the region.

It was yet another muted session for the index on Dec 26, as Nifty rose by 22 points or 0.10%, to close at 23750. Nifty remained in the 200 points range of 23654-23854 on the December monthly expiry day. Nifty found resistance near its 200 days SMA for the third consecutive session. Trend of the index is still on the downside as Nifty is placed below 20,50,100 and 200 days SMAs. On the lower side, 23600 is expected to act as a support, while 23870 could act as an immediate resistance, above which Nifty could extend its pullback towards 24000.