Vedanta Ltd on Monday announced the fourth interim dividend of Rs 8.5 per equity share for fiscal 2025. The board fixed Dec. 24 as the record date for the purpose of dividend payment, according to an exchange filing.
Vedanta announced Fourth interim dividend of Rs 8.5 per share – Daily Market Update 17th Dec 2024
Overview and Outlook
Global Stock Market Today
- Barring DOW, other US equity markets settled higher in range 0.38% to 1.15%.
- European equity markets settled on a negative note.
- Majority of Asian equity markets are trading in red.
- GIFT Nifty is down by 50 points, Nifty futures likely to open around 24670 levels.
Nifty Overview & Outlook
The Indian benchmark index, Nifty, seemed struggling around the 24800 level due to caution ahead of the upcoming FED policy decision on December 18. Additionally, a weak start in Asian markets and modestly lower European markets contributed to a pessimistic sentiment in the Nifty throughout the day. As a result, Nifty slipped by 0.4%, primarily due to declines in metal stocks, in line with falling commodity prices. The cautious approach toward the FED decision also weighed on IT stocks. However, the Bank Nifty outperformed, closing flat.
In the broader market, both Midcap and Smallcap indices outperformed the benchmark index Nifty, with the Midcap index rising by 0.3% and the Smallcap index advancing by 0.5%. Sector-wise, Nifty Realty emerged as the top performer, gaining 3.1%, followed by Nifty Media, which rose by 1.5%. On the downside, yet again Nifty Metal was the biggest loser, falling by 1%, followed by Nifty IT, which declined by 0.7%. The overall market breadth was slightly positive, with 266 advances and 232 declines in the NSE 500.
From a technical perspective, we had previously mentioned that Nifty needed to break above the 24770 zone for a potential rally. While Nifty opened near this level today, it was unable to sustain and reversed direction from the morning session. Therefore, our view remains that 25125 is the key resistance level once Nifty surpasses the 24770 mark. On the downside, in case of further profit booking, we expect support at 24550, followed by 24410.
Derivatives Overview & Outlook
Yesterday, Nifty futures added around 1.5% of open interest as short buildup and some long buildup was seen in Midcap Nifty futures while no significant change was seen in Banknifty and Finnifty futures on price as well as on open interest front.
On sectoral front, long buildup was seen among Cement, Chemicals and Realty stocks along with some short covering among Media stocks whereas some short buildup was seen among Oil & Gas and Power stocks.
On options front, call writing was seen at multiple strike and maximum positions are at 26000 CE followed by 25000 CE while the maximum put position are at 24000 PE closely followed by 24500 PE. PCR is still below 1 showing some sort of weakness in Nifty index
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 279 Cr in the cash segment, sold stocks futures worth Rs 3608 and also Sold index futures worth Rs 911 Cr. DIIs too were net sellers in the cash segment to the tune of Rs 234 Cr.
Nifty Futures, Banknifty Futures and Finnifty Key Levels
Nifty – Resistances 24850-24920; Supports 24600-24490
Banknifty – Resistances 53800-54020; Supports 53500-53200
Finnifty – Resistances 25040- 25130; Supports 24800-24630
F&O Security in Ban Today: GRANULES, HINDCOPPER, MANAPPURAM, NATIONALUM, , RBLBANK, SAIL.
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