POST-MARKET SUMMARY 1st October 2024
On October 1, Indian benchmark indices extended their losing streak for the third consecutive session, with the Nifty closing below 25,800, pressured by a widening current account deficit and weak manufacturing data. Sectorally, buying was witnessed in media, auto, and IT, while selling dominated the telecom, power, FMCG, oil & gas, and realty sectors.
NIFTY: The index opened 22 points lower at 25,788 and made a high of 25,907 before closing at 25,796. Nifty has formed a Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 25,880 while immediate support is at 25,700.
BANK NIFTY: The index opened 134 points lower at 52,844 and closed at 52,922. 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 53,200 while major support is at 52,660.
Stocks in Spotlight
▪ Angel One: Stock soared over 7% intraday after the discount broking firm revised brokerage charges for cash and equity delivery transactions.
▪ Muthoot Finance: Stock slipped 4%, a day after the Reserve Bank of India directed gold financiers to review processes, identify lapses and take remedial measures within three months, which according to brokerages may weigh on their growth.
▪ Jubilant FoodWorks: Stock fell 3.4% after the Dominos' operator announced that it has received a final assessment order from the Income Tax Department, raising a tax demand of Rs 71 crore for financial year 2016-2017.
Global News
▪ The pan-European Stoxx 600 traded 0.5% lower at 3:25 p.m. London time, with most sectors in negative territory. Europe’s banking index led the losses, down 2.4%.
▪ Safe haven currencies the Japanese yen and Swiss franc gained on Tuesday after news reports that Iran is preparing to imminently launch a ballistic missile attack against Israel, while U.S. jobs data showed a resilient labor market.
▪ Oil prices slid by more than 2% on Tuesday as a stronger supply outlook and tepid global demand growth outweighed fears over escalating conflict in the Middle East and its impact on crude exports from the region.
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