POST-MARKET SUMMARY 10th October 2024
On October 10, Indian benchmark indices once again failed to sustain higher intraday levels, ending with marginal gains in a rangebound session, as the Nifty closed in the green but stayed below 25,000. The gains were driven by metal and banking stocks.
Boosted by positive global cues, the market opened higher and remained in positive territory throughout the session, ahead of the US inflation data release later in the day. Sectorally, the IT index fell 1%, pharma plunged 2%, and realty shed 0.4%. On the other hand, the bank index gained 1%, power rose 0.7%, and metals added 0.3%.
NIFTY: The index opened 86 points higher at 25,067 and made a high of 25,134 before closing at 24,998. Nifty has formed a small bearish candle with a small upper shadow on the daily chart. Its immediate resistance level is now placed at 25,150 while immediate support is at 24,880.
BANK NIFTY: The index opened 188 points higher at 51,195 and closed at 51,530. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its major resistance level is now placed at 51,800 while major support is at 51,000.
Stocks in Spotlight
▪ Rashtriya Chemicals & Fertilisers: Stock jumped over 7% after the company awarded a contract to L&T for setting up a 1,200 MTPD fertiliser plant.
▪ VA Tech Wabag: Stock rose nearly 5% after it secured significant repeat orders from Reliance Industries for water treatment systems at the latter’s Dahej and Nagothane facilities.
▪ Rain Industries: Stock soared over 6% after its subsidiary, Rain Carbon, inked an agreement with Northern Graphite Corporation to jointly develop and commercialise advanced battery anode material (BAM) used in lithium-ion batteries for electric vehicles.
Global News
▪ Gold prices recovered on Thursday to snap a six-session losing streak, while traders digested a key U.S. inflation reading for insights on a potential rate reduction by the Federal Reserve this year.
▪ Oil prices rose more than 1% on Thursday, underpinned by a spike in fuel demand as a major storm barrelled into Florida, with Middle East supply risks also in focus.
▪ Asia-Pacific markets closed higher on Thursday, following gains on Wall Street that saw the S&P 500 and Dow Jones Industrial Average reach new records as investors shrugged off geopolitical concerns.
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