POST-MARKET SUMMARY 14th November 2024

On November 14, Indian benchmark indices extended their correction phase for a sixth consecutive session, with the Nifty closing below 23,550. After a flat opening, the market traded positively for the first few hours, but selling at higher levels wiped out the intraday gains. 

Among sectors, FMCG, power, PSU Bank, and oil & gas declined by 0.3-1%, while auto, media, and realty gained between 0.6-2%. 

NIFTY:  The index opened flat at 23,542 and made a high of 23,675 before closing at 23,532. Nifty has formed a bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 23,680 while major support is at 23,450.

 BANK NIFTY: The index opened 35 points lower at 50,053 and closed at 50,179. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its major resistance level is now placed at 50,600 while major support is at 49,900.

Stocks in Spotlight

▪  Banco Products (India) Ltd: Stock hit the 20% upper circuit after the company’s September quarter profit more than doubled to Rs 138.70 crore. Also read: Banco Products Zooms 20% on Bonus Issue News

▪  Jio Financial Services: Stock jumped nearly 7% after the NSE announced the inclusion of 45 stocks in the futures and options segment, raising expectations of a potential entry into the Nifty 50 index during the March 2025 rebalancing.

▪  Eicher Motors: Stock climbed over 6% as solid quarterly earnings (net profit up 8% YoY) and a strategic shift to prioritize growth over margins aligned well with market expectations.

Global News 

▪  Oil prices remained mostly stable on Thursday as traders paused following declines earlier in the week, driven by a stronger U.S. dollar and concerns over rising supply against sluggish demand growth.

▪  Asia-Pacific markets largely declined on Thursday after the U.S. October consumer price index reinforced expectations of another rate cut by the Fed in December.

▪  European markets advanced on Thursday as traders evaluated the global inflation outlook and the potential path of central bank rate cuts.

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