POST-MARKET SUMMARY 30th October 2024

On October 30, the Indian benchmark indices snapped two-day gains and ended lower in a volatile session, with the Nifty closing below 24,350 amid selling pressure in banking, metal, and IT stocks. At close, the Sensex was down 426.85 points or 0.53% at 79,942.18, and the Nifty was down 126 points or 0.51% at 24,340.85.

Following mixed global cues, the indices opened on a negative note and traded within a tight range with a negative bias for most of the session. Sectorally, FMCG, capital goods, and media rose by 0.5-2%, while banking, pharma, and IT declined by 1% each. 

NIFTY:  The index opened 95 points lower at 24,371 and made a high of 24,498 before closing at 24,340. Nifty has formed a small bearish candlestick pattern with a long upper shadow on the daily chart. Its immediate resistance level is now placed at 24,430 while immediate support is at 24,300.

BANK NIFTY: The index opened 332 points lower at 51,988 and closed at 51,807. Bank Nifty has formed a bearish candlestick pattern with an upper shadow on the daily chart. Its major resistance level is now placed at 52,100 while major support is at 51,600. 

Stocks in Spotlight 

▪  Garden Reach Shipbuilders: Stock rose close to 4% after the company secured an order worth Rs 491 crore to design an Acoustic Research Ship for the Defence Research & Development Organisation.

▪  Adani Enterprises: Stock advanced 4% after the company announced solid Q2 earnings, with an eightfold jump in its net profit to Rs 1,742 crore.

▪  Force Motors: Stock was locked at 20% upper circuit after the company posted a strong set of earnings for the September quarter.

Global News 

▪  Gold prices rose to a record high on Wednesday as uncertainty over the U.S. presidential election boosted safe-haven demand, with traders also awaiting economic data for cues on the Federal Reserve’s policy path.

▪  The dollar ticked up on Wednesday after stronger-than-expected private sector jobs data, though it remained off a three-month peak, while bitcoin sat close to a record high as traders raised their bets on a Donald Trump victory in next week’s election.

▪  Oil prices rose more than 2% on Wednesday, after Reuters reported OPEC+ could delay a planned oil production increase scheduled to take effect in December by a month or more, due to concerns about soft oil demand and rising supply.

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