HDFC Bank saw quarter-on-quarter deposit growth outpace loan growth in the three months to December 31, the country’s biggest private lender said on Saturday.
Deposits rose 4.2% to 24.53 trillion Indian rupees, slowing from 5.1% rise in July-September quarter, the Mumbai-based bank said.
HDFC Bank’s Q3 deposit growth outpaces loan growth- Daily Market Update 6th Jan 2025
Overview and Outlook
Global Stock Market Today
- US equity markets settled higher in range 0.80% to 1.75%.
- European equity markets settled lower in range 0.4% to 1.5%.
- Most of the Asian markets were trading on a positive note.
- GIFT Nifty is up by 50 points, Nifty futures likely to open around 24150 levels.
Nifty Overview & Outlook
After a strong rally in the previous session, the Indian benchmark index Nifty opened Friday’s trading session on a subdued note and faced selling pressure right from the start. The weak close of major US indices, influenced by news-driven sell-offs in frontline stocks, combined with mixed cues in Asian markets, weighed on investor sentiment. Nifty saw profit-taking after the recent surge, dropping by 0.8%. Nifty Bank underperformed the broader market, falling as much as 1.2%, majorly led by declines in Private Banks.
In the broader market, the Midcap index outperformed the benchmark with a slight 0.1% gain, while the Smallcap index showed resilience, remaining mostly flat. Sector-wise, the Nifty Media sector, which had been the biggest loser in the previous session, became the top performer on Friday, rising by 1.7%. Meanwhile, Nifty IT tumbled the most by1.4%. Overall, market breadth was negative, with 215 advancing stocks and 283 decliners across the NSE 500.
From a technical perspective, we had previously highlighted Nifty’s resistance at the 50-day EMA level around 24210-24220. As expected, Nifty faced resistance at this level and reversed course for a correction in Friday’s session too. Nifty broke through the first support level at 24040 and is now heading toward 23840. Therefore, the nearest support levels are 23930, followed by 23840 and 23740. Conversely, if the rally continues after a brief pause, we could see a bounce, with 24220-24280 acting as the key resistance zone for now.
Derivatives Overview & Outlook
Last Friday, Nifty, Banknifty & Finnifty futures added 1.2%, 6.5% & 1% of open interest respectively as short buildup whereas no significant change was seen in MidcapNifty futures on open interest front.
Majority of sectoral indices settled in red. Amongst them, short buildup was observed in Capital Goods, Finance, Infrastructure, Power, Realty and Technology stocks.
On options front, call writing along with some put addition was seen at multiple strikes. Maximum call positions are at 25000 CE followed by 24500 CE while maximum put positions are at 23000 PE.
Institutional Trading Activity
Last week, FIIs sold stocks worth Rs 10110 Cr in the cash segment, bought stocks futures worth Rs 8300 Cr and sold index futures worth Rs 3821 Cr. DIIs were net buyers in the cash segment to the tune of Rs 9254 Cr during the week.
Nifty Futures, Banknifty Futures and Finnifty Key Levels
Nifty – Resistances 24200-24300; Supports 23980-23860
Banknifty – Resistances 51800-52100; Supports 51000-50800
Finnifty – Resistances 24000- 24100; Supports 23760-23680
F&O Security in Ban Today: MANAPPURAM & RBLBANK
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