POST-MARKET SUMMARY 25th October 2024
On October 25, Indian markets extended their fall for a fifth consecutive session, with the Nifty breaking below 24,100 intraday amid widespread sectoral selling, except for FMCG. At close, the Sensex was down 662.87 points, or 0.83%, to 79,402.29, while the Nifty fell 218.60 points, or 0.90%, to 24,180.80.
Despite mixed global cues, the indices opened positively but quickly erased gains within the first hour, turning red. Losses deepened as the day progressed, with the Nifty slipping below 24,100. Among sectors, all indices ended in the red except FMCG, which rose 0.5%, while auto, capital goods, metal, oil & gas, power, telecom, and media fell 1-2%.
NIFTY: The index opened flat at 24,418 and made a high of 24,440 before closing at 24,180. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,270 while immediate support is at 24,100.
BANK NIFTY: The index opened 162 points lower at 51,369 and closed at 50,787. Bank Nifty has formed a long bearish candlestick pattern with long lower shadow on the daily chart. Its major resistance level is now placed at 51,000 while major support is at 50,400.
Stocks in Spotlight
▪ Bikaji Foods: Stock surged over 10% intraday after the company reported robust second quarter earnings.
▪ DCB Bank: Stock ended 6% higher after it reported a 23% year-on-year rise in net profit to Rs 155 crore for the second quarter.
▪ IndusInd Bank: Stock tanked nearly 20% after it reported a significant 39% drop in its consolidated net profit for the second quarter to Rs 1,331 crore.
Global News
▪ Gold prices fell on Friday as some investors booked profit after its recent rally where it hit a record high, although ongoing tensions in the Middle East helped limit the decline.
▪ The dollar was set for a fourth weekly gain on Friday, as an uncertain backdrop for markets sent the yen near three-month lows ahead of an election in Japan over the weekend that could complicate the Bank of Japan’s (BOJ) plans to normalize rates.
▪ Oil prices were heading for a weekly gain of more than 2%, with Friday’s prices were little changed on the day as traders were kept on edge by simmering tensions in the Middle East ahead of a planned resumption in Gaza ceasefire talks in the coming days.
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