POST-MARKET SUMMARY 31st October 2024
On October 31, Indian equity indices closed lower for the second consecutive session, with the Nifty dropping below 24,200 intraday due to selling pressure in IT, FMCG, and banking stocks. At the close, the Sensex was down 553.12 points or 0.69% at 79,389.06, and the Nifty fell 135.50 points or 0.56% to 24,205.35. Despite mixed global cues, the market opened slightly in the green but quickly turned negative, with losses intensifying throughout the day, leading indices to close near their session lows. Sectorally, the IT index declined nearly 3%, the FMCG index dropped nearly 1%, and the bank index was down 0.5%. However, the pharma and media indices saw gains of 1.5% each.
NIFTY: The index opened flat at 24,349 and made a high of 24,372 before closing at 24,205. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,300 while immediate support is at 24,130.
BANK NIFTY: The index opened 158 points lower at 51,649 and closed at 51,475. Bank Nifty has formed a bearish candlestick pattern with a long upper shadow on the daily chart. Its major resistance level is now placed at 51,700 while immediate support is at 51,300.
Stocks in Spotlight
▪ Cipla: Stock skyrocketed 10% after the US Food and Drug Administration classified the drugmaker's Goa manufacturing facility as 'Voluntary Action Indicated' (VAI), thereby paving the way for the launch of its key product- chemotherapy drug Abraxane.
▪ Dabur India: Stock fell over 2% after the company reported its earnings show for the quarter ended September.
▪ DCM Shriram: Stock surged over 10% as net profit for the September quarter surged 95% on-year.
Global News
▪ Gold retreated on Thursday as prices consolidated after hitting a record high, but safe-haven demand prompted by a knife-edge U.S. presidential election kept the precious metal on track for its fourth straight monthly gain.
▪ The dollar eased broadly on Thursday after U.S. data suggested upward price pressures continue to ease, keeping Federal Reserve policymakers on track to cut short-term U.S. borrowing costs by a quarter percentage point next week.
▪ Oil prices gained 1% on Thursday after rallying the previous day on stronger than expected U.S. fuel demand and reports that producer group OPEC+ could delay a planned output increase.
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