On September 29, the Indian market rebounded from its previous day's decline, supported by strong gains in the metals and pharmaceutical sectors. However, the fall in information technology stocks restrained overall market gains. The Indian markets will remain closed on Monday, October 2, to observe Gandhi Jayanti, commemorating the birth anniversary of Mahatma Gandhi.
NIFTY: The index opened 58 points higher at 19,581 and made a high of 19,726 before closing at 19,638. Nifty has formed a bullish candlestick pattern with a long upper shadow on the daily chart. Its immediate resistance level is now placed at 19,700 while immediate support is at 19,500.
BANK NIFTY: The index opened 145 points higher at 44,445 and closed at 44,584. Bank Nifty has formed a small-bodied bullish candlestick pattern with long upper shadow & small lower shadow on the daily scale. Its immediate resistance level is now placed at 44,700 while support is at 44,200.
Stocks in Spotlight
▪ NTPC Ltd: Stock gained nearly 4% after an 800-MW plant went on stream. The rise in stock price also followed a "buy" call from ICICI Securities with a target price of Rs 300.
▪ Dr Reddy Labs: Stock gained over 3%, making it the second biggest gainer on the Nifty after the company incorporated a step-down wholly owned subsidiary.
▪ Hindalco Industries: Stock closed 5% higher after more than 37 lakh shares changed hands on the stock exchanges.
▪ Asia-Pacific markets largely climbed in the final trading day of the week, with Hong Kong’s Hang Seng index leading gains in the region and rising 2.67% in its final hour of trade.
▪ Oil prices edged higher on Friday and were headed for a gain of more than 2% for the week, driven by tight US supply and expectations of strong fuel demand in China during the Golden Week holiday.
▪ The dollar continued to ease from a 10-month high on Friday but was still headed for its biggest quarterly gain in a year.
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