Market Savera - 10/12/2024

Stock Market Updates

U.S. stocks finished lower on Monday, as investors await consumer-price index data to be released on Wednesday — which may be the last wild card that could upset expectations for a Federal Reserve interest-rate cut in December.

US stocks retreated after a rally that put the market on pace for its best year since 2019, with traders awaiting key inflation data that will help shape the outlook for Federal Reserve rates.

China’s Politburo vowed to embrace a “moderately loose” strategy for monetary policy in 2025, marking its first major shift in stance since 2011. The top leaders pledged to take a “more proactive” approach on fiscal policies, stabilizing property and stock markets, while promising to “forcefully lift consumption.” Investors will now shift focus to China’s annual closed-door Central Economic Work Conference, due later this week.

Gold was supported by China’s central bank adding bullion to its reserves for the first time in seven months and as concerns about the Middle East boosted demand. BEL receives orders worth Rs.634 Crores

Metropolis Healthcare to acquire 100% stake in Core Diagnostics for Rs 246 crore. Datamatics subsidiary to acquire chennai-based TNQ T

Nifty fell for the second consecutive session on Dec 09 to close with a minor loss of 59 points or 0.24% at 24619. Investors are keenly watching this week's India IIP and inflation numbers, which would be a key driver to influence RBI on rate cut decision. Short term trend of Nifty is still bullish as it is placed above its 5, 10 and 20 days EMAs. Short term support for the Nifty is placed at 24550, while resistance for the same is seen at 24857.

Indian markets could open flat to mildly higher, in line with mostly higher Asian markets today and despite negative US markets on Dec 09.