POST-MARKET SUMMARY 25th November 2024
On November 25, the Indian equity market extended the previous session's rally, closing on a strong note as the BJP-led Mahayuti alliance secured a decisive mandate in the Maharashtra elections. Supported by positive global cues, the indices opened with a significant gap-up and continued to gain momentum in the first half of the session. However, profit-booking at higher levels trimmed some intraday gains before the market ended in positive territory. Among sectors, oil & gas, realty, capital goods, and PSU banks advanced by 2-4%.
Also read: Beyond the Ballot: What Really Drove Today’s Stock Market Rally
NIFTY: The index opened 346 points higher at 24,253 and made a high of 24,351 before closing at 24,221. Nifty has formed a small bearish candle with upper and lower shadows, resembling a “High Wave” kind of pattern on the daily chart. Its immediate resistance level is now placed at 24,350 while immediate support is at 24,180.
BANK NIFTY: The index opened 921 points higher at 52,046 and closed at 52,207. Bank Nifty has formed a bullish candlestick pattern with a lower shadow on the daily chart. Its immediate resistance level is now placed at 52,400 while immediate support is at 51,900.
Stocks in Spotlight
▪ Central Bank of India: Stock surged 9% after receiving RBI approval to enter the insurance sector through a joint venture with the Generali Group.
▪ Rail Vikas Nigam Ltd: Stock gained 4% after securing a letter of acceptance from Eastern Railway for an infrastructure project involving earthwork, bridge construction, and track laying.
▪ Zomato: Stock climbed over 3% following its inclusion in the 30-stock Sensex and approval for a Rs 8,500 crore Qualified Institutional Placement (QIP).
Global News
▪ Gold prices dropped 2% as investors booked profits after a five-session rally, while the appointment of the new U.S. Treasury Secretary curbed safe-haven demand.
▪ Oil prices stabilized on Monday after last week's 6% surge, as rising tensions between Western powers, Russia, and Iran fuelled concerns over potential supply disruptions.
▪ The dollar eased on Monday as the U.S. Treasury secretary pick reassured the bond market on fiscal discipline, lowering yields and reducing the currency’s rate advantage.
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