Sensex and Nifty50 were trading in the red on Friday afternoon, tracking weakness in global markets. By 2 PM, the BSE Sensex had dropped 593 points, or 0.74%, to 79,350.39. Meanwhile, the Nifty50 slipped 141.70 points, or 0.59%, to trade at 24,046.95, struggling to hold above the 24,100 mark.
On the sectoral front, selling pressure was seen in banking, healthcare, real estate, and IT stocks, with sector indices down by 0.3% to 1%. In contrast, sectors like oil & gas, telecom, media, and PSU banks showed resilience, posting gains of 0.5% to 1%.
Earlier, On Friday, the Indian stock market opened on a flat note amid mixed global cues. Nifty opened below 24,200 at a 24,196.40 level while Sensex at the 79,816 mark dropped 129 points or 0.16 percent. On the Nifty 50 index, the top gainers were ONGC, NTPC, SBI Life, SBI and Shriram Finance whereas the top 5 losers were Hero Motocorp, Dr Reddy's Laboratories, CIPLA, ITC and Infosys. Following a disappointing end to the first trading day of 2025 on Wall Street, Asian stocks showed indications of positivity on Friday. For insight on the approaching Q3 result season, investors will be keenly monitoring the pre-quarterly business updates that will be released over the course of the next few days on the domestic front.
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Jan 03, 2025, 1:43 pm IST
Apple's Million Settlement Addresses Siri Privacy Concerns
Apple has consented to a million settlement over charges that it used Siri to secretly listen in on user conversations through iPhones and other devices. This agreement, if approved by US District Judge Jeffrey White, aims to resolve a lawsuit that has been ongoing for five years. The legal action spotlighted claims that Apple, without user consent, activated Siri to record discussions, a practice spanning over a decade. These recordings, allegedly not initiated by the users' commands, were said to have been shared with advertisers to target product sales more effectively. This practice starkly contrasts with Apple's proclaimed dedication to user privacy, a principle CEO Tim Cook has often described as defending "a fundamental human right."
Jan 03, 2025, 12:59 pm IST
SBI Launches Tab-Based NRI Account Opening
SBI has taken a major step to enhance banking convenience for Non-Resident Indians (NRIs) by introducing a TAB-based, fully digital onboarding procedure. This innovative platform will help facilitate the opening of NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts. This digital leap, according to an SBI press release, means that NRIs can now easily set up both savings and current accounts through the bank's mobile application, YONO, without the need to physically visit a bank branch.
Jan 03, 2025, 12:45 pm IST
Zee Entertainment Shares Soar 7% As SEBI Rejects Settlement Application By CEO Punit Goenka
The shares of Zee Entertainment Enterprises Ltd. (ZEE) rallied as much as 7.1% on Friday, hitting an intraday high of Rs 132.8 on the Bombay Stock Exchange (BSE). The uptick came amid an otherwise bearish sentiment in the broader market, with the BSE Sensex plunging nearly 650 points to trade at 79,296.5 by mid-morning.
This movement in ZEE's stock price coincides with developments involving the company and its top executives. Market regulator Securities and Exchange Board of India (Sebi) has rejected a settlement application filed by ZEE and its CEO Punit Goenka.
US Dollar Dominated Global Currencies As The Greenbank Surges To 2-Year High
The US dollar kicked off the first trading session of 2025 with a bang, climbing to a two-year high on Thursday. Boosted by strong economic fundamentals, robust labour market data, and expectations of relatively elevated US interest rates, the greenback continued its dominance, overshadowing other major currencies in global trade.
The dollar index, a measure of the currency against six major peers, rose by 0.77% to settle at 109.38. Analysts credit the Federal Reserve's cautious stance on interest rate cuts and US economic resilience as the primary factors behind this rally.
In India, the current price of gold is Rs 7,920 per gramme for 24 carat gold and Rs 7,260 per gramme for 22 carat gold. While 22k of 100 grammes of gold prices in India today reached Rs 7,26,000 compared to Rs 7,18,000 yesterday, showing a price rise of Rs 8,000 in a single day, 22k of 10 grammes of gold will cost Rs 72,600 on Friday compared to Rs 71,800 on Thursday, marking a price spike of Rs 800.
IT stocks emerged as biggest loser on BSE and NSE. Nifty IT index dipped by nearly 2%. Except for LTTS, all other IT stocks are down by 1% to 2.5%. Wipro, Tech Mahindra, Mphasis, Persistent and Infosys, TCS, and Coforge dip by 2% each.
Jan 03, 2025, 9:35 am IST
Opening Bell
In the face of mixed global signals, the Indian stock market began Friday flat. The Nifty began at 24,196.40, below 24,200, while the Sensex fell 129 points, or 0.16 percent, to 79,816.
Jan 03, 2025, 9:17 am IST
Rupee Vs Dollar
In contrast to its previous closing of 85.75, the Indian rupee started Friday at a record low of 85.79 per dollar.
Jan 03, 2025, 9:11 am IST
Market Outlook Today By Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
The uncanny ability of the market to surprise was evident in yesterday’s massive 445 point rally in Nifty. Even though FII buying helped in the rally, at Rs 1506 crores net buying it was not good enough to trigger such a massive 1.8% rally in Nifty. Short covering in certain beaten down fundamentally strong stocks like the Bajaj Twins and sharp spurts in auto stocks assisted by better-than-expected December sales numbers have contributed to the rally. Largecaps outperforming smallcaps is a positive signal and may continue. However, it is too early to conclude that FIIs will continue to buy. With dollar index at 109.25 and the U.S. 10-year yield at 4.56% the macro construct is not favourable for sustained FII buying.
Impressive pick up in deposit growth augurs well for banking stocks which are fairly priced.
Jan 03, 2025, 8:47 am IST
Key insights from Akshay Chinchalkar, Head of Research at Axis Securities, on the daily Nifty trends
Nifty had its best day since Nov. 22 and also managed a close above the Nov 19 gap-down level of 24150 in a shot-in-the-arm for tactical bulls. For the second successive time, the mid-December break of the 200-day average turned out to be a bear trap. That said, follow through here is key, with an immediate hurdle at 24250 and critical resistance at 24306. Supports lie at 24000 with an extension at 23830. Seasonally speaking, based on the last one year of data, Friday has been the best day of the week for the nifty - the index has gained 0.2% on average with a 60% win-rate over this period.
Jan 03, 2025, 8:37 am IST
Nifty Bank Options Market Insights By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
In the derivatives space, uncertainty prevailed, with balanced participation in calls and puts suggesting indecision among traders. The 52,000-strike call amassed substantial open interest of 12.88 lakh contracts, firmly establishing it as a key resistance level. On the flip side, the 51,000-strike put garnered 10.95 lakh contracts, signaling robust support at this level. Notable activity was observed within the 51,700–52,000 call band and the 51,000–51,600 put range, reinforcing immediate resistance at 52,000 and strong support near 51,000. The near-equal accumulation of open interest at both ends confined the index to a narrow range, reflecting a standoff between bullish and bearish sentiment. The Put-Call Ratio (PCR) inched up from 0.94 to 1.05, indicating a subtle lean toward bullish sentiment. Additionally, the "max pain" level at 52,000 signals this zone as a crucial pivot for upcoming market movements.
Jan 03, 2025, 8:19 am IST
Nifty Outlook By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
Nifty index’s outlook has tilted strongly toward bullish territory, driven by its breakout from the 23,500–24,000 range and closing above the 24,000 psychological barriers, which had been a tough hurdle for the last two weeks. Options data echoes this bullish view, with substantial unwinding of call positions indicating traders’ confidence in sustained upside potential. Having reclaimed its 20-day EMA and with the RSI closing above the pivotal 50 level, bullish momentum appears to have been firmly re-established. The zone between 24,200 and 24,250, aligned with the 50-day EMA, will act as an immediate resistance area. On the other hand, the 24,000–23,950 zone, fortified by strong put writing and aligned with the breakout’s neckline, forms a dependable support base. A follow-through buying spree above 24,250 could trigger aggressive short-covering, propelling the index toward the next milestone of 24,500. Until the index decisively clears its immediate resistance and sustains above 23,950, a “Buy on dips” strategy remains a prudent approach for traders.
In the derivatives market, a bullish undercurrent dominates, with significant put writing outweighing call writing, suggesting traders are anticipating continued gains. The 24,200-strike call observed notable open interest accumulation of 2.55 crore contracts, establishing it as a major resistance level. Meanwhile, the 23,150-strike put witnessed 1.55 crore contracts, confirming its position as strong support. Heavy trading activity in the 23,200–24,500 call range and the 23,900–24,150 put range highlights immediate resistance at 24,200 and robust support near 24,000. An upsurge in put writing from 23,900 to 24,100 signifies growing confidence among buyers, while call unwinding at lower strikes hints at mounting bullish pressure. The Put-Call Ratio (PCR) rose from 1.03 to 1.23, reinforcing the positive sentiment. Meanwhile, the "max pain" level at 24,150 suggests downside risk remains minimal in the near term.
Jan 03, 2025, 8:16 am IST
Market Outlook By Vishnu Kant Upadhyay, AVP - Research and Advisory at Master Capital Services
The Sensex and Nifty indices experienced a significant surge on January 2, 2025. Recent fall from record highs has made many stocks more affordable and positive sentiment ahead of the Union Budget along with other market updates, encouraged investors to re-enter the market. The expectation of improved revenue growth for IT companies in the December quarter is supported by stable demand commentary from management and the recent depreciation of the rupee. Strong business updates from the automotive and financial services sector have heightened expectations for earnings in the third quarter which led to a rise in related stocks. Further, in December, India's Goods and Services Tax (GST) collection rose by an impressive 7.3% year-on-year, totaling Rs.1.77 lakh crore, which increases the likelihood of a rebound in consumption activities, signaling positive economic momentum.
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