Market Savera - 18/12/2024
Manage episode 458184563 series 3628935
Morning Market Comments
U.S. stocks finished lower on Tuesday, with the Dow Jones Industrial Average posting its longest losing streak since February 1978 (falling nine straight days), as investors digested the strong retail-sales data and awaited the Federal Reserve's policy decision, due out on Wednesday afternoon.
ITC Ltd has fixed January 1, 2025 as the effective date for demerger of its hotel business.
Gulf Oil Lubricants and Piaggio India, a 100% subsidiary of the Italian auto giant Piaggio Group, announced the renewal of their strategic partnership agreement for two-wheeler lubricants
Sonata Software has launched IntellQA, a Harmoni.AI powered Testing automation and acceleration platform for global enterprises.
While the US Fed is widely expected to cut interest rates by another 25 basis points later Wednesday, the focus is on its outlook for next year given Donald Trump’s proposed policies that may rekindle inflation.
Asian shares turned mostly higher, shrugging off Wall Street’s modest declines as traders braced for the Federal Reserve’s final policy decision of the year.
Nifty registered a sharp cut of 332 points or 1.35%, to close at 24336 on Dec 17. This fall has resulted in a violation of all short term supports all at once. An upward sloping trend line adjoining the lows of 21st Nov and 13th Dec 2024, projects the support near 24300. Any level below 24300 would confirm the bearish trend reversal for the short term, which could drag the Nifty towards an immediate support of 24180. Resistance for the index has shifted down to 24500.
Indian markets could open flat to mildly lower, despite mostly higher Asian markets today and in line with negative US markets on Dec 17
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