After an extended weekend, Indian equity benchmarks concluded the trading day on October 3 with losses, influenced by weak global cues and extensive selling. The top-performing sectors were PSU Banking and Media, while Energy and Auto sectors underperformed. Mid-cap and Small-cap indices outperformed the benchmark indices, as most of the correction was observed in heavyweight stocks.
NIFTY: The index opened 16 points lower at 19,622 and made a high of 19,623 before closing at 19,528. Nifty has formed a bearish candlestick pattern with a minor lower shadow on the daily chart. Its immediate resistance level is now placed at 19,700 while immediate support is at 19,450.
BANK NIFTY: The index opened 23 points lower at 44,561 and closed at 44,399. Bank Nifty has formed a bearish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 44,700 while support is at 44,200.
Stocks in Spotlight
▪ Dhanlaxmi Bank: Stock surged over 10% after the company reported strong numbers for Q2. Total deposits rose 8.2% YoY to Rs 13,789 crore while gross advances were up 13.2% YoY at Rs 10,312 cror
▪ Kalpataru Projects: Stock climbed nearly 3% after the company bagged new orders worth Rs 1,016 cr for transmission and distribution projects in India as well as overseas.
▪ RVNL: Stock gained 1.8% after the company emerged as the lowest bidder for Himachal Pradesh State Electricity Board’s power distribution infrastructure development project worth Rs 1,098 crore.
▪ Stoxx 600 index traded 0.5% lower after a brief spell in the green, with a mixed performance on the sectoral front. Utilities fell 2.7% while banks rose 0.14%.
▪ Hong Kong stocks led Asia-Pacific markets lower on Tuesday, in their return from a National Day holiday on Monday.
▪ Oil prices slipped further on Tuesday, after falling to a three-week low in the previous session, on a stronger US dollar, a darkening global macroeconomic outlook and mixed supply signals.
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