POST-MARKET SUMMARY 21st November 2024
On November 21, Indian benchmark indices experienced a sharp decline, erasing the gains achieved in the previous session. The markets opened on a weak note due to unfavourable global cues and extended their losses throughout the day. Sentiment was further impacted by geopolitical tensions and heavy selling in Adani Group stocks following bribery allegations in a New York court.
On the sectoral front, Energy, FMCG, Oil & Gas, PSU Bank, Media, Auto, and Metal indices declined 1–2%, reflecting widespread weakness. However, the Realty index rose by 1%, and the Information Technology index managed a modest gain of 0.5%, offering some support to the market.
NIFTY: The index opened 30 points lower at 23,488 and made a high of 23,507 before closing at 23,349. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,400 while immediate support is at 23,260.
BANK NIFTY: The index opened flat at 50,625 and closed at 50,372. Bank Nifty has formed a bearish candlestick pattern with a long lower shadow, resembling a ‘Hammer’ on the daily chart. Its immediate resistance level is now placed at 50,650 while immediate support is at 50,240.
Stocks in Spotlight
▪ Indian Hotels Company: Stock surged to hit a new all-time high following the management's announcement of ambitious goals, including a target to double revenue and open one new hotel per week on average through FY30. Read more: IHCL's Ambitious "Accelerate 2030" Plan
▪ Power Grid Corporation: Stock climbed over 3% after the company emerged as the successful bidder to acquire Khavda V-A Power Transmission Ltd for establishing a power transmission system in Gujarat's renewable energy zone.
▪ NLC India: Stock jumped 7% after the company announced a huge investment in renewable projects and plans to acquire stakes in its subsidiary, NLC India Renewables, through asset transfers.
Global News
▪ European stocks ticked up on Thursday afternoon as investors focused on corporate earnings and economic data, despite weak global market sentiment.
▪ Oil prices climbed on Thursday as missile strikes between Russia and Ukraine heightened geopolitical tensions, outweighing the impact of a larger-than-expected rise in U.S. crude inventories.
▪ Spot gold prices rose for the fourth consecutive day on Thursday, driven by safe-haven demand as global stocks came under pressure.
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