POST-MARKET SUMMARY 12th November 2024

On November 12, Indian equity indices ended the day on a weak note, with the Nifty falling below 23,850 during intraday trading in yet another volatile session, driven by broad-based selling across sectors. Despite mixed global cues, the Indian indices opened higher, with the Nifty briefly crossing 24,200, but quickly lost all early gains in the first few hours of trading, moving in a narrow range.

 All sectoral indices ended in the red, with declines ranging from 0.5% to 2%. Key sectors such as auto, banking, capital goods, FMCG, metals, oil & gas, power, telecom, media, and pharma were among the worst hit.

NIFTY: The index opened 84 points higher at 24,225 and made a high of 24,242 before closing at 23,883. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,000 while immediate support is at 23,800.

BANK NIFTY: The index opened 177 points higher at 52,053 and closed at 51,157. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 51,350 while major support is at 50,850.

Stocks in Spotlight

▪  Jubilant Foodworks: Stock surged over 6% despite the QSR operator posting a Q2 net profit of Rs 66.53 crore, down 31.55% from the previous year.

▪  L&T Technology Services: Stock gained 3% following its $110 million acquisition of AI firm, Intelliswift, enhancing its capabilities in software development, digital integration, and AI.

▪  Uno Minda: Stock surged 7%, after the company reported an increase in the September quarter net profit, along with an expansion in margins.

Global News

▪  European markets declined on Tuesday as investors evaluated the potential impact of U.S. President-elect Donald Trump's return to the White House on the region's economy, while some downbeat earnings compounded losses.

▪  Asia-Pacific markets declined on Tuesday as China’s latest stimulus measures disappointed, and lower-than-expected October inflation raised concerns about the recovery of the world’s second-largest economy.

▪  Oil prices steadied on Tuesday, recovering from a 5% drop over the previous two sessions, as investors absorbed OPEC's latest downward revision for oil demand and market's disappointment over China's latest stimulus plan.

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