POST-MARKET SUMMARY 29th October 2024

On October 29, Indian benchmark indices extended gains for the second consecutive day in a volatile session, with the Nifty closing above 24,450, driven by realty and financial stocks. The Sensex rose by 363.99 points, or 0.45%, to reach 80,369.03, while the Nifty gained 127.60 points, or 0.52%, closing at 24,466.80. After opening flat amid mixed global cues and trading in negative territory during the first half, a mid-session recovery propelled the indices to close near the day's high. Sectorally, banking, realty, power, and capital goods saw gains of 1-2%, while the pharma, IT, and auto sectors declined by 0.5-1%.

NIFTY:  The index opened flat at 24,328 and made a high of 24,484 before closing at 24,466. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,500 while immediate support is at 24,380.

BANK NIFTY: The index opened 149 points higher at 51,404 and closed at 52,320. Bank Nifty has formed a long bullish candlestick pattern on the daily chart. Its major resistance level is now placed at 52,600 while major support is at 51,800.

Stocks in Spotlight

▪  JSW Infrastructure: Stock soared as much as 10% after the company reported an impressive set of earnings for the July-September quarter..

▪  Bharat Electronics: Stock surged 5% after the defence and aerospace company's fiscal second-quarter earnings beat Street estimates, driven by better-than-expected margin performance.

▪  Gillette India: Stock soared over 10% after the grooming products maker reported a 43.5% rise in net profit for the quarter ended September 2024, led by a broad-based growth.

Global News 

▪  European markets turned negative Tuesday afternoon, as traders in the region continued to digest the latest slew of earnings reports and looked ahead to fresh corporate results stateside.

▪  The dollar hit three-month highs against the yen on Tuesday as the loss of a parliamentary majority for Japan’s ruling coalition in weekend elections muddied the political and monetary picture, while sterling was firm ahead of a new British budget.

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