POST-MARKET SUMMARY 15th October 2024

On October 15, the market failed to sustain its opening gains, ending the session in the red as Nifty closed below 25,100, weighed down by auto, metal, and pharma stocks. At close, the Sensex was down 152.93 points or 0.19%, settling at 81,820.12, while the Nifty slipped 70.70 points or 0.28% to finish at 25,057.30.

Sectoral performance was mixed, with the metal index down 1.5%, auto down nearly 1%, pharma declining 0.5%, while the realty index rose 2% and the media index gained 0.7%.

Meanwhile, in the primary market, the grey market premium (GMP) for India’s largest IPO, Hyundai Motor India Ltd, dropped significantly ahead of listing. Get the full scoop here.

NIFTY:  The index opened 59 points higher at 25,186 and made a high of 25,212 before closing at 25,057. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 25,100 while immediate support is at 25,000.

BANK NIFTY: The index opened 159 points higher at 51,975 and closed at 51,906. Bank Nifty has formed a bearish candlestick pattern with a long lower shadow on the daily chart. Its major resistance level is now placed at 52,050 while major support is at 51,800.

Stocks in Spotlight

▪  Angel One: Stock jumped around 8% as investors cheered the discount broker's strong set of earnings for the quarter ended September 2024.

▪  Sunteck Realty: Stock surged more than 7% after the real estate major posted a healthy Q2FY25 performance, clocking Rs 520 crore in pre-sales, up 33% YoY as demand momentum continued in the Mumbai Metropolitan Region (MMR) market.

▪  Premier Polyfilm: Stock hit 20% upper circuit, after the company reported a 44% jump in net profit to Rs 7.42 crore.

Global News 

▪  Gold prices held steady on Tuesday as the U.S. dollar remained near two-month highs, with markets caught between profit-taking and prospects for further rate cuts by the Federal Reserve.

▪  The U.S. dollar was perched near it highest in more than two months against major currencies on Tuesday, spurred by wagers the Federal Reserve will proceed with modest rate cuts in the near term.

▪  China stocks fell on Tuesday even as broader Asia-Pacific markets rose following gains on Wall Street that saw the Dow Jones Industrial Average and the S&P 500 reach new record highs.

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