The US market rebounded on Friday, fueled by gains in tech shares. Asian markets have started the week on a mixed note, while the GIFT Nifty hints at a slightly higher opening. On the domestic front, Nifty saw profit booking throughout Friday's session, closing near the 24,000 level. Immediate support for Nifty is at 23,800, with resistance at the recent swing high of 24,226. This week, the market's focus will be on Q3 earnings, US jobs data, FII flows, and other global cues. We continue to recommend a buy-on-dips strategy.
Actionable Picks: Buy Bajaj Finance, Lupin, and M&M.
Global Market Overview
DOW: +339
GIFT NIFTY: +36 (Prev. close 24,099)
NIFTY 50: 24,004
SENSEX: 79,223
Institutional Activities
FII: -₹4,227 crore
DII: +₹820 crore
BSE Market Breadth
Advances: 2,032
Declines: 1,965
Currency
Dollar: $85.78
Dollar Index: 108.84
Commodities
Gold: $2,642 per ounce
Crude: $76.59 per barrel
Bonds
10-year US bond rate: 4.63%
10-year Indian bond rate: 6.82%
Derivatives
PCR: 0.73
VIX: 13.54
Key Updates
HDFC Bank Q3 Update: The company reported a 3% YoY growth in gross advances and a 15.8% increase in deposits. However, CASA deposits saw a 4.4% decline compared to the previous year.
Bajaj Finance Q3 Update: The company’s assets under management rose by 28% year-on-year to ₹3.98 lakh crore as of December 31, 2024, compared to ₹3.10 lakh crore a year ago. AUM grew by approximately ₹24,100 crore during the third quarter of FY25. Its deposit book increased by 19% to ₹68,800 crore, up from ₹58,008 crore a year earlier. The NBFC also reported its highest-ever quarterly new loans booked at 12.06 million in Q3 FY25, marking a 22% growth from 9.86 million in the same quarter last year.
ITC: ITC is set to spin off its hotel business, with January 6 as the record date for the demerger. Following the restructuring, ITC will retain a 40% stake, while shareholders will directly own the remaining 60%. For every 10 ITC shares held, shareholders will receive one ITC Hotels share.
NTPC Green: NTPC Renewable Energy emerged as the top bidder in UPPCL’s e-reverse auction, securing 1,000 MW at ₹2.56/kWh and awaits the official Letter of Award.
Brigade Enterprises: Brigade Enterprises, via its subsidiary Ananthay Properties, acquired a Bengaluru land parcel worth ₹630 crore. The 20-acre residential project will offer 2.5 million sq. ft. of saleable area, with a gross development value of ₹2,700 crore.
Tata Elxsi: Tata Elxsi, Inc. has announced its plans to work with Qualcomm Technologies, Inc. to develop and leverage virtual models of Snapdragon Digital Chassis solutions for cloud-native application development. This technology collaboration will be demonstrated at the Consumer Electronics Show (CES) 2025.
Securities In Ban
MANAPPURAM
RBL BANK
Derivative View
On the options front, the Maximum Call OI is at the 25,000 strike, followed by the 24,500 strike. Maximum Put OI is at the 23,000 strike, followed by the 23,700 strike. Option data suggests a broader trading range between 23,500 to 24,400 zones, with an immediate range between 23,700 to 24,200 levels.
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