Market Savera - 26 / 12 / 24

Stock Market Updates

Morning Market Comments

U.S. stocks finished higher on Tuesday to kick off the so-called Santa Claus rally period in a holiday-shortened session for Christmas Eve. Wall Street's main indexes all closed higher on Tuesday, with gains in megacap and growth stocks bolstering benchmarks in a truncated Christmas Eve session.

U.S. Treasury interest rates remained elevated - the benchmark 10-year note yielded around 4.61% on Tuesday, its highest level since May.

India's growth trajectory is expected to pick up in the second half of 2024-25, driven by domestic private consumption and a sustained revival of rural demand, the central bank said in its monthly bulletin released on Tuesday.

Reuters reported that Beijing planned to issue a record amount of special treasury bonds next year as it ramps up fiscal stimulus to revive a faltering economy.

World stocks looked set to end the year on a high with a second consecutive annual gain of more than 17%, unfazed by escalating geopolitical tensions and various economic and political headwinds globally. That is mostly thanks to a second year of huge gains for shares on Wall Street as artificial intelligence fever and robust economic growth sucked more global capital into U.S. assets.

Stock prices in the Tokyo and Shanghai markets – the only markets open on Christmas – saw a slight dip on Wednesday as markets across the world remained closed for the holiday.

Asia shares rose slightly in holiday-thinned trade on Thursday, extending gains from earlier in the week with little news or data in the way to alter their direction of travel, while the dollar was perched near a two-year high.

Nifty fell marginally by 26 points or 0.11%, to close at 23727 on Dec 24. Nifty attempted to surpass previous session’s high of 23869 but failed to do so. Index found resistance at its 5 DEMA and turned southward. immediate resistance is seen at 23870. Support for the Index is seen at 23537.