POST-MARKET SUMMARY 16th October 2024

On October 16, the benchmark indices ended lower for the second straight session, with Nifty closing below 25,000 due to widespread selling across sectors, except for realty. At close, the Sensex was down 318.76 points or 0.39% to 81,501.36, while the Nifty fell 86 points or 0.34% to settle at 24,971.30.

Weak global markets led to a negative start for Indian indices, with Nifty slipping below 25,000, though an early recovery wiped out the losses. However, selling pressure in auto and Information Technology stocks pushed Nifty close to 24,900 during the day. Among sectors, oil & gas, realty, and telecom indices finished in the green, while auto, IT, pharma, and media sectors declined by 0.5-1%.

NIFTY:  The index opened 49 points lower at 25,008 and made a high of 25,093 before closing at 24,971. Nifty has formed a small bearish candlestick pattern with upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 25,060 while immediate support is at 24,900.

BANK NIFTY: The index opened 195 points higher at 51,711 and closed at 51,801. Bank Nifty has formed a small bullish candlestick pattern with a long upper shadow on the daily chart. Its major resistance level is now placed at 52,000 while major support is at 51,600.

Stocks in Spotlight

▪  Zydus Life: Stock fell nearly 4% after a US federal judge ruled in favor of Exelixis Inc. in a patent dispute over Cabometyx, a blockbuster cancer drug.

▪  HDFC AMC: Stock surged 6% after the company reported a substantial 32% year-on-year growth in its profit after tax, reaching Rs 576.61 crore. Also read: HDFC AMC's Market Cap Crosses Rs 1 Lakh Crore

▪  Cochin Shipyard: Stock fell 5% as the government's offer-for-sale to offload a 5% stake in the PSU company opened today.

Global News 

▪  Major European bourses were trading broadly lower on Wednesday with chip stocks and luxury goods among the worst performing sectors following sales warnings.

▪  Sterling tumbled to its lowest in two months on Wednesday after softer-than-expected British inflation data offered scope for the Bank of England to cut rates more forcefully, while the euro was at a 10-week low ahead of a European Central Bank meeting.

▪  Gold prices extended gains to a second straight session on Wednesday, driven by weaker equities and bond yields, while traders eagerly await U.S. economic data to gauge the Federal Reserve’s timeline on a potential interest rate cut.

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