POST-MARKET SUMMARY 30 October 2023

On October 30, Indian indices registered their second consecutive session of gains. The market commenced with a lower opening due to mixed global cues, and initial hours saw a continuation of losses. However, a mid-session surge in buying, particularly in heavyweight stocks, as well as the oil & gas and real estate sectors, propelled the indices to close near their highest points of the day. 

NIFTY:  The index opened flat at 19,053 and made a high of 19,158 before closing at 19,140. Nifty has formed a bullish candlestick pattern with long lower shadow on the daily chart, indicating support-based buying. Its immediate resistance level is now placed at 19,200 while immediate support is at 19,100. 

BANK NIFTY: The index opened 61 points lower at 42,721 and closed at 43,039. Bank Nifty has formed a bullish candlestick pattern with long lower wick on the daily timeframe. Its immediate resistance level is now placed at 43,250 while support is at 42,800.

Stocks in Spotlight

▪  BPCL:  Stock gained over 3% to Rs 346, snapping its five-day losing streak. The gains come after the company reported a consolidated net profit of Rs 8,501 crore in Q2 FY24.

▪  SBI Life Insurance Company Ltd:  Stock rose 1.8%, snapping a four-day losing streak. For Q2, it reported a net profit of Rs 380 crore, up 0.8% YoY.

▪  Piramal Pharma:  Stock surged over 3% after the company reported a 11% on-year growth in consolidated revenue and managed to report a net profit after a quarter of loss.

Global News

▪  European stock markets opened higher on Monday despite ongoing volatility in the Middle East, with investors keeping a close eye on the latest economic data out of Germany.

▪  Gold prices traded around the key $2,000 level on Monday, as investors positioned cautiously ahead of the US Federal Reserve’s policy meeting this week and haven demand due to the Middle East conflict provided a floor.

▪  Asia-Pacific markets started the week mixed ahead of key economic data from around the region.

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