POST-MARKET SUMMARY 17th October 2024

On October 17, the market extended its losses for the third consecutive session, with the benchmark Nifty 50 closing slightly below 24,750 amid broad-based sectoral selling, except for Information Technology. The Sensex fell 494.75 points or 0.61% to close at 81,006.61, while the Nifty fell 221.50 points or 0.89% to settle at 24,749.80.

Indian indices opened higher amid positive global cues, with Nifty crossing 25,000, but quickly reversed in the early hours, and losses deepened throughout the day, pulling Nifty below 24,750. Except for the Information Technology index, which rose 1%, all other sectoral indices ended in the red, with auto, media, and realty down 2-3%.

NIFTY:  The index opened 56 points higher at 25,027 and made a high of 25,029 before closing at 24,749. Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,800 while immediate support is at 24,690.

BANK NIFTY: The index opened 49 points higher at 51,849 and closed at 51,288. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 51,420 while major support is at 51,150.

Stocks in Spotlight

▪  Bajaj Auto: Stock tanked over 13% after the company posted lower-than-expected net profit in the second quarter of FY25.

▪  Nestle India: Stock dropped almost 4% after the FMCG major reported a marginal fall in the September quarter profit.

▪  Mphasis: Stock jumped over 6% after the company reported an 8% jump in net profit at Rs 423.3 crore in the second quarter of FY25.

Global News 

▪  European markets were higher on Thursday as traders assessed a flurry of corporate results and the European Central Bank’s third interest rate cut of the year.

▪  The dollar jumped to an 11-week high on Thursday after data showed that U.S. retail sales increased slightly more than expected in September, boosting confidence that the U.S. economy remains strong.

▪  Oil prices rose in early Asian trade on Thursday, paring sharp losses over the past two sessions, after industry data showed an unexpected drop in U.S. crude stockpiles last week.

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