POST-MARKET SUMMARY 18th November 2024

On November 18, the Nifty extended its decline for the seventh consecutive session, marking its longest losing streak since February 2023, as IT and Energy stocks faced sharp sell-offs. Among sectors, IT, Healthcare, and Energy declined by 0.8-2.3%, while Metal, Banking, and Auto rose 0.4-2%. 

Market sentiment remained subdued, weighed down by concerns over a potential slowdown in US Fed rate cuts, disappointing Q2 earnings, sustained foreign outflows, and elevated valuations, leaving investors cautious.

NIFTY:  The index opened 73 points higher at 23,605 and made a high of 23,606 before closing at 23,453. Nifty has formed a bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 23,600 while major support is at 23,350.

 BANK NIFTY: The index opened 133 points higher at 50,312 and closed at 50,363. Bank Nifty has formed formed a Doji candlestick pattern (though not a classical one) on the daily chart. Its major resistance level is now placed at 50,600 while major support is at 50,000.

Stocks in Spotlight 

▪  Crompton Greaves: Stock gained 3.5% after reporting a 26% YoY rise in consolidated net profit and a 6.4% increase in revenue for the September quarter.

▪  NALCO: Stock jumped over 8% as China's move to cut export tax rebates on aluminium and copper raised expectations of tighter global supply and higher prices, benefiting metal producers.

▪  TCS: Stock slipped 3% as the Nifty IT index fell nearly 4%, following US Fed Chair’s remarks on delaying rate cuts amid robust economic growth and persistent inflation.

Global News

▪  The dollar rose against the yen after Japan's central bank indicated possible tightening, while the euro steadied after reaching a one-year low.

▪  Asian stocks were mixed on Monday as markets began a "quiet" week for economic data, with key figures including China's loan prime rate expected to remain unchanged at 3.1% for the one-year and 3.6% for the five-year rates.

▪  Oil prices saw a slight increase amid escalating conflicts, though concerns about weak fuel demand in China and forecasts of a global oil surplus limited the market's gains.

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