POST-MARKET SUMMARY 24th October 2024

On October 24, the Nifty 50 ended moderately lower after a rangebound session, continuing its downward trend for the fourth consecutive day. Among sectors, FMCG was the biggest loser shedding nearly 3%, followed by Realty and Auto. On the other hand, Banking, Pharma and Energy closed in the positive territory.

NIFTY:  The index opened 23 points lower at 24,412 and made a high of 24,480 before closing at 24,399. Nifty has formed a Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,480 while immediate support is at 24,300.

BANK NIFTY: The index opened 33 points lower at 51,272 and closed at 51,531. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its major resistance level is now placed at 51,800 while major support is at 51,200.

Stocks in Spotlight

▪  Piramal Pharma: Stock surged 18% a day after the drugmaker reported solid earnings for the July-September quarter, marked by a steep surge in its net profit.

▪  Sona BLW: Stock rallied 13% after the company reported a robust set of numbers in the second quarter, and announced signing a pact with Escorts Kubota to acquire its railway equipment division.

▪  Aster DM: Stock skyrocketed 14% after the company delivered a robust earnings performance for the July-September quarter.

Global News 

▪  The pan-European Stoxx 600 was up 0.34% by 3:18 p.m. London time, with majority of the major bourses and sectors trading in positive territory. Travel and leisure stocks added 3% while chemicals dipped 0.26%.

▪  Gold prices rose by as much as 1% on Thursday to trade near record highs as safe-haven demand from persistent geopolitical concerns bolstered prices, while palladium saw an 8% surge on concerns of supply sanctions on top-producer Russia.

▪  The U.S. dollar stalled near a three-month high against other major currencies on Thursday, underpinned by expectations for a slower pace of interest rate cuts by the Federal Reserve, while the euro and Japanese yen climbed off recent lows.

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