The Indian stock market declined for third consecutive day on October 20, amid weakness in global markets. The negative mood on Dalal Street was compounded by disappointing Q2 earnings from specific companies and increased instability in West Asia and the pressing need for ongoing monetary tightening emphasized by the Chair of the US Federal Reserve.
NIFTY: The index opened 82 points lower at 19,542 and made a high of 19,593 before closing at 19,542. Nifty has formed a double top on the daily chart and a bearish candle on the weekly chart. Its immediate resistance level is now placed at 19,600 while immediate support is at 19,490.
BANK NIFTY: The index opened 170 points lower at 43,584 and closed at 43,723. Bank Nifty has been locked in a persistent struggle between bullish and bearish forces. Its immediate resistance level is now placed at 44,050 while support is at 43,600.
Stocks in Spotlight
▪ Indraprastha Gas: Shares of Indraprastha Gas fell almost 12% after the Delhi government approved the electric vehicle policy for cab aggregators and delivery services.
▪ HFCL: Shares of HFCL declined more than 5% after the company recorded a 15.2% decline in its net profit at Rs 69 crore in Q2.
▪ Titagarh Railway Systems: The stock jumped over 6% after the company inked pact with Gujarat Metro Rail Corporation (GMRC) for the Ahmedabad Metro Rail Phase-II Project worth Rs 350 crore.
▪ Spot gold was up 0.1% at $1,976.10 per ounce, after hitting its highest since July 20. U.S. gold futures added 0.4% to $1,988.50.
▪ The pan-European Stoxx 600 index was 1.2% lower in afternoon trading, with most sectors in negative territory. Mining stocks saw the biggest drop with a 3% decline, followed by travel and leisure, which fell 2.2%.
▪ Asia-Pacific markets were all low as U.S. Federal Reserve Chair Jerome Powell said inflation was still too high and would likely require lower economic growth. The benchmark U.S. 10-year Treasury yield also crossed 5% for the first time in 16 years.
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