POST-MARKET SUMMARY 13th November 2024
On November 13, the Sensex and Nifty closed significantly lower, marking their fifth consecutive session of losses as inflation concerns and a sell-off in metal stocks weighed on market sentiment. Also read: Explained: 5 Key Factors Impacting Nifty50 & What To Expect Next
The Nifty has now declined over 10% from its all-time high of 26,277. All 13 major sectoral indices ended in the red, with auto, banking, metal, PSU bank, media, and realty sectors posting sharp declines of 2-3%.
NIFTY: The index opened flat at 23,822 and made a high of 23,873 before closing at 23,559. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,670 while immediate support is at 23,480.
BANK NIFTY: The index opened 127 points lower at 51,030 and closed at 50,088. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 50,400 while major support is at 49,900.
Stocks in Spotlight
▪ Nazara Technologies: Stock rose over 3%, following a partnership with ONDC to launch an in-game monetization platform aimed at enhancing revenue for game developers.
▪ KNR Constructions: Stock soared 14% after a strong Q2FY25 performance, with net profit surging 310% year-on-year.
▪ Nykaa: Stock closed lower despite strong Q2FY25 earnings with a 66% rise in net profit to and a 24.4% increase in revenue.
Global News
▪ Gold prices rose modestly as bargain buying emerged, supported by a pause in the dollar ahead of upcoming U.S. inflation data and Federal Reserve commentary.
▪ Oil prices remained steady on Wednesday following OPEC's downgrade of its global oil demand growth forecast for 2024 and 2025, amid ongoing demand concerns in China.
▪ European stocks edged lower as investors turned cautious ahead of the upcoming U.S. inflation data.
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