POST-MARKET SUMMARY 14th October 2024

On October 14, the bulls took charge of Dalal Street after a few rangebound sessions, pushing the Nifty above 25,150 intraday, with buying seen across sectors except for metal and media. At close, the Sensex was up 591.69 points or 0.73%, at 81,973.05, while the Nifty settled 163.70 points or 0.66% higher at 25,128.

Buoyed by positive global cues, the Indian markets opened higher and continued to build momentum throughout the day, led by strong performances in Information Technology, realty, and banking stocks. All sectoral indices, except for metal and media, closed in the green, with Information Technology, Bank, and Realty indices up 1% each.

NIFTY: The index opened 59 points higher at 25,023 and made a high of 25,159 before closing at 25,127. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 25,160 while immediate support is at 25,075.

BANK NIFTY: The index opened 91 points higher at 51,263 and closed at 51,816. Bank Nifty has formed a bullish candlestick pattern on the daily timeframe. Its major resistance level is now placed at 52,000 while major support is at 51,650.

Stocks in Spotlight

▪  Transformers and Rectifiers India: Stock rose to hit a 5% upper circuit after a block deal worth Rs 211 crore took place on the exchanges.

▪  Premier Energies: Stock gained as much as 10% intraday after the company's subsidiaries secured multiple orders, cumulatively worth Rs 765 crore.

▪  Wipro: Stock advanced 4% as investors lapped up the stock ahead of a meeting on October 17 wherein the company's board is slated to consider the issuance of bonus shares.

Global News 

▪  European stocks closed higher on Monday, as traders looked ahead to a busy week of earnings.

▪  Gold prices eased on Monday as broad economic stimulus measures in China, the biggest bullion consumer, failed to invoke investor confidence and a U.S. dollar rally to two-month highs capped upside momentum.

▪  The dollar hovered near recent highs on Monday as investors digested China’s weekend stimulus announcements that some found disappointing, while the euro extended its fall ahead of a central bank meeting this week.

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