POST-MARKET SUMMARY 21st October 2024
On October 21, following a smart recovery in the previous session, the market remained under pressure amid selling across most sectors, except auto. Backed by positive global cues, Indian indices opened on a strong note but erased all gains in the initial hour, trading flat in the first half. However, extreme volatility in the second half led to a close in the red, with Nifty falling below 24,750. Apart from auto, all other sectoral indices ended in the red, with FMCG, metal, capital goods, power, realty, IT, oil & gas, and media declining by 1-3%.
In the primary market, the grey market premium (GMP) for the Waaree Energies IPO shot up to 101%. Dive into the details of the IPO here.
NIFTY: The index opened 102 points higher at 24,956 and made a high of 24,978 before closing at 24,781. Nifty has formed a bearish candlestick with a small lower shadow on the daily chart. Its immediate resistance level is now placed at 24,880 while immediate support is at 24,680.
BANK NIFTY: The index opened 267 points higher at 52,361 and closed at 51,962. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 52,200 while major support is at 51,700.
Stocks in Spotlight
▪ Tejas Network: Stock surged over 11% after a robust seven-fold topline growth, powered by the expansion of 4G business.
▪ Tata Consumer Products: Stock fell over 7% after the FMCG player reported a muted set of earnings for the July-September quarter.
▪ Kotak Mahindra Bank: Stock fell nearly 5% following the release of the bank's September quarter numbers (Q2FY25), which missed Street estimates.
Global News
▪ European markets closed lower on Monday as investors awaited key corporate earnings and monitored elevated Middle East tensions.
▪ Gold surged to a record high on Monday while silver struck a near 12-year peak, as growing uncertainties surrounding the U.S. presidential election and the Middle East war added to gold’s rally already fuelled by expectations of interest rates easing.
▪ Oil prices were broadly steady on Monday, following a more than 7% drop last week on worries about demand in China, the world’s top oil importer, and an easing of concerns about potential supply disruptions in the Middle East.
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