POST-MARKET SUMMARY 18th October 2024
On October 18, equity benchmark indices rebounded after three consecutive days of losses, driven by buying in banking, financial services, and metal stocks, though they still underperformed the broader markets.
The Sensex gained 218.14 points to close at 81,224.75, recovering more than 800 points from its intraday low of 80,409.25. The Nifty rose 104.20 points to settle at 24,854.05.
Most sectoral indices ended higher, with Nifty Metal emerging as the top performer, gaining over 1.57% and breaking its 4-day losing streak.
NIFTY: The index opened 85 points lower at 24,664 and made a high of 24,886 before closing at 24,854. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,930 while immediate support is at 24,750.
BANK NIFTY: The index opened 27 points lower at 51,261 and closed at 52,094. Bank Nifty has formed a long bullish candlestick pattern on the daily chart. Its major resistance level is now placed at 52,360 while major support is at 51,700.
Stocks in Spotlight
▪ Zomato: Stock fell over 4% ahead of the company’s board meeting on October 22, where it would consider fundraising through a qualified institutional placement (QIP).
▪ Mazagon Dock Shipbuilders: Stock soared over 7% as the company announced plans to mull stock split and interim dividend in its board meeting on October 22. Read more:
▪ Tejas Networks: Stock soared nearly 5% in the run-up to the company's Q2 earnings, due to be released later in the day.
Global News
▪ Gold raced past the $2,700 mark for the first time on Friday, extending a rally driven by expectations of further monetary policy easing and safe-haven demand due to uncertainty about the U.S. presidential elections and Middle East conflicts.
▪ The dollar headed for its third weekly gain in a row on Friday, helped by a dovish European Central Bank and strong U.S. data that is pushing out expectations for how fast U.S. rates can fall, particularly if Donald Trump wins the presidency.
▪ Oil futures inched lower and were headed for more than a 6% weekly drop on Friday on concerns about demand from China’s slowing economy and easing supply risk from the Middle East conflict.
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