POST-MARKET SUMMARY 11th October 2024

On October 11, in another rangebound session, Indian equity indices ended lower, with the Nifty closing around 24,950. Amid mixed global cues, the market opened flat and traded within a range, mostly in mildly negative territory, as Nifty failed to surpass the 25,000 mark.

Selling pressure was observed in auto, banking, and realty stocks. Sector-wise, auto, banking, power, and realty indices were down 0.5%, while IT, metal, oil & gas, pharma, and media sectors gained 0.5-1%.

NIFTY:  The index opened flat at 24,985 and made a high of 25,028 before closing at 24,964. Nifty has formed a small bearish candle on the daily chart. Its immediate resistance level is now placed at 25,140 while immediate support is at 24,900.

BANK NIFTY: The index opened 39 points lower at 51,491 and closed at 51,172. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 51,250 while major support is at 51,000.

Stocks in Spotlight

▪  Exide Industries: Stock rose by 3.6% after the auto components company invested over Rs 99 crore in its subsidiary, Exide Energy Solutions, through a rights issue.

▪  Usha Martin: Stock surged more than 16% to hit a fresh record high on account of a sharp surge in trading volumes.

▪  Transformers & Rectifiers: Stock hit the 5% upper circuit after the company reported a significant 1,274% rise in net profit to Rs 42.18 crore in the September quarter.

Global News 

▪  Gold extended gains after the release of the latest data on U.S. producer prices on Friday, as the U.S. dollar pulled back from two-month highs on heightened expectations for a Federal Reserve rate cut in November.

▪  Oil eased on Friday after a rally the previous day, but prices remained set for a second straight weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iranian oil sites.

▪  The dollar paused near a two-month high against a basket of peers on Friday, as traders digested the latest inflation and jobs data, while a rise in British economic growth could not raise the pound from one-month lows.

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