POST-MARKET SUMMARY 23rd October 2024

On October 23, final-hour selling pressure wiped out all intraday gains, causing the market to end on a negative note despite broader indices outperforming. Following mixed global cues, Indian indices opened lower, with Nifty slipping below 24,400. However, buying at lower levels reversed the early losses, pushing the market into positive territory. But by the final hour, selling dragged the Nifty back below 24,450. Among sectors, the IT index gained more than 2%, while capital goods, power, and pharma each fell by 1%.

NIFTY:  The index opened 94 points lower at 24,378 and made a high of 24,604 before closing at 24,435. Nifty has formed a small bullish candlestick pattern with a long upper shadow, resembling a bullish Inverted Hammer pattern on the daily chart. Its immediate resistance level is now placed at 24,500 while immediate support is at 24,380.

BANK NIFTY: The index opened 140 points lower at 51,117 and closed at 51,239. Bank Nifty has also formed a bullish Inverted Hammer pattern on the daily chart. Its major resistance level is now placed at 51,550 while major support is at 51,000.

Stocks in Spotlight

▪  Firstsource Solutions: Stock jumped 9% after the company announced plans to build a domain-centric large language model (LLM), specifically for the U.S. mortgage sector.

▪  Persistent Systems: Stock jumped as much as 11% after it reported a 23% YoY increase in net profit at Rs 325 crore for Q2FY25.

▪  Coforge: Stock rose 11% after the IT solutions provider reported that its net profit rose 36% to Rs 255.2 crore, while the revenue jumped 33% YoY to Rs 3,062.3 crore in the September quarter.

Global News 

▪  Gold prices hit record highs on Wednesday, defying the dollar’s rise, which kept pressure on the yen and the euro, while global stocks edged lower on investors’ reluctance to place major bets ahead of the U.S. election in less than two weeks.

▪  European markets traded lower on Wednesday as investors in the region focused on corporate reports and U.S. Treasury yields.

▪ Oil prices fell on Wednesday after industry data showed U.S. crude inventories swelled more than expected, though futures were still up about 2% this week as traders factored in continuing conflict in the Middle East

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