On October 26, the bears continued to dominate Dalal Street for the sixth consecutive session, driven by increasing US bond yields and escalating tensions between Hamas and Israel. Most stock indices experienced declines of more than 1%, with the small-cap index showing a strong recovery but still ending in negative territory.
NIFTY: The index opened 95 points lower at 19,027 and made a high of 19,041 before closing at 18,857. Nifty has formed a bearish candle on the daily chart and the weak intraday formation indicates further weakness. Its immediate resistance level is now placed at 18,950 while immediate support is at 18,800.
BANK NIFTY: The index opened 124 points lower at 42,708 and closed at 42,280. Bank Nifty experienced continued heavy selling, resulting in a 1.29% decline. It is currently trading below its 200-day Exponential Moving Average. Its immediate resistance level is now placed at 42,700 while support is at 42,050.
Stocks in Spotlight
▪ Antony Waste Handling Cell: Stock surged over 5% after the company's subsidiary bagged an order from Panvel Municipal Corporation.
▪ Sonata Software: Stock rallied 8% after the company reported a consolidated profit of Rs 124.2 crore for the July-September period, a 3.4% gain over the previous quarter. The company also announced a 1:1 bonus issue.
▪ Sona Blw Precision Forgings: Stock gained 6.5% after the auto-component maker reported its highest-ever quarterly revenue and net profit for the July-September quarter.
▪ Asia-Pacific markets saw a broad sell-off, with Australia shares closing at a low not seen in over a year, while mainland China stocks bucked the broader trend to end Thursday higher.
▪ European stock markets were sharply lower as attention remains on third-quarter earnings and government bond yields.
▪ Shares of Siemens Energy plunged nearly 40% on Thursday, wiping 3 billion euros ($3.16 billion) off its market value, after the company said it was in talks with the German government about state guarantees after major setbacks at its wind division.
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