POST-MARKET SUMMARY 28th November 2024

On November 28, Indian equity markets faced a sharp decline, ending the day lower after a volatile session influenced by the expiry of November F&O contracts and ongoing geopolitical uncertainties. Among sectors, Auto, Banking, IT, FMCG, Metal, Pharma, and Energy saw losses of 0.3-2%, while the PSU Bank index gained 1%, and the Media index rose by 0.3%.

NIFTY:  The index opened flat at 24,274 and made a high of 24,345 before closing at 23,914. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,000 while immediate support is at 23,850.

BANK NIFTY: The index opened 88 points higher at 52,389 and closed at 51,906. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 52,250 while immediate support is at 51,750.

Stocks in Spotlight

▪  Sonata Software: Stock climbed over 3% to hit an intraday high of Rs 649 following the announcement of a multi-million-dollar modernisation deal in Australia with a leading access solutions client.

▪  Ujjivan SFB: Stock gained over 2% after the board approved to sell the bank’s non-performing assets and written-off loans worth over Rs 270 crore to an asset reconstruction company.

▪  Emami Realty: Stock was locked in a 5% upper circuit after the company unveiled plans for a 22 million square feet development.

Global News

▪  Asian stock markets showed mixed results on Thursday, with gains in Tokyo and Seoul offset by losses in Hong Kong and Shanghai.

▪  European shares ticked up on Thursday, with the continent-wide Stoxx 600 index rising by 0.36% after a 0.75% decline over the previous two sessions.

▪  Oil prices rose on Thursday after Israel reported a violation of its ceasefire with Hezbollah, prompting Israeli tanks to fire on southern Lebanon. OPEC+ also delayed a meeting, likely extending production cuts.

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