On October 11, the Indian markets continued their winning streak for the second consecutive session, thanks to favorable global market conditions and increased buying activity in heavyweight stocks. The positive momentum in the global market was a significant factor in extending the gains in the domestic market, as the moderation of US bond yields had a positive impact on investor sentiment. Despite the ongoing Israel-Palestine conflict having minimal impact on oil prices, the market's attention swiftly returned to the broader global macroeconomic situation.
NIFTY: The index opened 78 points higher at 19,767 and made a high of 19,839 before closing at 19,811. Nifty has formed a bullish candlestick with a minor upper shadow on the daily chart, indicating continuation of the uptrend. Its immediate resistance level is now placed at 19,850 while immediate support is at 19,750.
BANK NIFTY: The index opened 194 points higher at 44,554 and closed at 44,516. Bank Nifty has formed a small bodied bearish candlestick pattern with long upper and lower shadows on the daily scale. Its immediate resistance level is now placed at 44,760 while support is at 44,400.
Stocks in Spotlight
▪ Vodafone Idea Ltd: Stock rallied over 7% after the Supreme Court agreed to hear the telecom challenge to its Adjusted Gross Revenue (AGR) levy, alleging calculation errors.
▪ Bank of Baroda: Stock ended 3% lower, extending losses for the second day after the Reserve Bank of India ordered it to not sign-up new customers using its mobile application BoB World.
▪ Ugro Capital Ltd: Stock gained nearly 6% after the company announced a 73% year-on-year increase in its assets under management.
▪ Asia-Pacific markets climbed across the board, with South Korean stocks leading gains. South Korea’s Kospi closed 1.98% higher at 2,450.08, hitting a two-week high as chip giant Samsung Electronics jumped 2.71%.
▪ Gold prices stayed firm on Wednesday as the dollar edged lower after several US Federal Reserve officials suggested that the recent surge in Treasury yields might make further rate hikes less necessary.
▪ Oil prices were little changed in early Asian trade on Wednesday, as concerns eased about potential supply disruptions due to the conflict between Israel and the Palestinian Islamist group Hamas.
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