Weekly Update-20 December 2024

NIFTY50

The Nifty index concluded the week ending December 20 with a sharp decline of 4.77%, closing at 23,587, marking one of its worst weekly performances in recent months. The index opened the week on a flat note, suggesting initial indecisiveness among market participants. However, as the week progressed, heavy selling pressure intensified, particularly in large-cap stocks, weighing heavily on the broader market sentiment.

Friday’s afternoon session proved to be pivotal, as midcaps and smallcaps witnessed significant cracks, amplifying the overall bearish momentum. The sharp sell-off was broad-based, impacting most sectors, with Nifty Realty, Nifty PSU Banks, and Nifty IT emerging as the top losers of the day. The relentless selling pressure across these indices underscored weak investor confidence.

BANK NIFTY

The Bank Nifty index ended the week of December 20 on a highly negative note, declining around 5.7% to close near 50,759. The week began on a flat note but witnessed sharp selling as it progressed, with PSU banks being hit the hardest. Several banking stocks broke key support levels, amplifying the bearish sentiment.

The selling pressure peaked on Friday, forcing most banking stocks to close at their day’s lows, indicating a lack of buying interest. The close near the weekly low and the breach of critical levels suggest that the weakness may persist unless there is a strong recovery or positive developments in the market.

Top Performing Sector of the week

The Nifty Pharma was best performing sector of the week 

Major gainers include:-

Dr Reddy: up by 7.8%

Lupin: up by 3.56%

Ipca Lab: up by 3.16%

Aurobindo Pharma: up by 2.76%

Worst Performing Sector of the week

The Nifty PSE was worst performing sector this week

Major losers from sector include:- 

PFC: down by 10.1%

BEL: down by 7.85%

REC: down by 7.81%

NTPC: down by 6.69%

Important News:-

• The Indian stock market experienced a significant downturn, with the BSE Sensex plummeting by 1,176.46 points and the broader NSE Nifty falling by 364.20 points on December 20, 2024. This decline led to investors losing a combined ₹18.5 lakh crore, marking the fifth straight session of losses.

• AGI Greenpac Limited: Scheduled a board meeting on December 20, 2024, to consider and evaluate a proposal for raising funds.

• Reliance Industries secured a significant oil supply deal with Russia’s Rosneft, estimated at $13 billion annually. This agreement is expected to enhance India’s energy security and offer economic benefits to both parties.

• Sun Pharma gained momentum after receiving FDA approval for a key drug launch in the U.S. market​.

• Vedanta is scheduled to finalize its interim dividend for shareholders on December 24, 2024.