POST-MARKET SUMMARY 26th November 2024

On November 26, the Indian benchmark indices ended a two-day rally, closing marginally lower after a volatile trading session. Despite mixed global cues, the indices opened higher but quickly erased early gains within the first hour and traded in the red for most of the day. A bout of buying in the final hour helped recover from the day’s lows.

 The sectoral performance was mixed, with auto, power, pharma, and oil & gas sectors declining by 1-1.5%, while FMCG, IT, and metal sectors gained 0.5-1%.

 NIFTY:  The index opened 122 points higher at 24,343 and made a high of 24,343 before closing at 24,194. Nifty has formed a bearish candle with a small shadow, resembling the “Bearish Belt Hold” pattern on the daily chart. Its immediate resistance level is now placed at 24,250 while immediate support is at 24,130.

 BANK NIFTY: The index opened 347 points higher at 52,554 and closed at 52,191. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 52,400 while immediate support is at 52,000.

Stocks in Spotlight

▪  Triveni Turbine: Stock surged 8%, driven by robust growth prospects and a sharp rise in trading volumes, with activity significantly exceeding the one-month average.

▪  Vodafone Idea: Stock closed 8% higher following the Union Cabinet's approval of a crucial bank guarantee waiver for telecom operators. Read more about it here.

▪  Hitachi Energy India: Stock jumped 5% after its consortium with BHEL secured a major contract from Power Grid Corporation for renewable energy evacuation projects.

Global News

▪  The S&P 500 rose slightly on Tuesday as investors assessed the threat of new tariffs from President-elect Donald Trump.

▪  Oil prices climbed on Tuesday, recovering after a sharp drop in the previous session amid reports of a potential ceasefire in the Middle East.

▪  The dollar index rose before paring gains as traders weighed tariff threats and awaited key economic data, including FOMC minutes, PCE inflation, and GDP growth estimates.

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