POST-MARKET SUMMARY 3rd October 2024

On October 3, Indian equity benchmarks Sensex and Nifty closed over 2% lower as broad-based selling hit the markets, driven by rising tensions in the Middle East, SEBI's stricter regulations on F&O trading, and a strong Chinese market drawing away foreign investors. Also read: Markets Plunge Over 2%: Analysing the Fall and What Investors Should Expect Next

All 13 sectoral indices ended in the red, with Nifty Bank, Energy, and Auto leading the decline, each falling 2-3%. The Nifty Metal index ended its eight-session winning streak, dropping 0.7%.

NIFTY:  The index opened 344 points lower at 25,452 and made a high of 25,639 before closing at 25,250. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 25,330 while immediate support is at 25,200.

BANK NIFTY: The index opened 608 points lower at 52,314 and closed at 51,845. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 52,000 while major support is at 51,640.

Stocks in Spotlight

▪  BSE: Stock jumped over 3% after the new F&O norms released by SEBI turned out to be more lenient-than-expected.

▪  ITD Cementation: Stock zoomed 20% to hit the upper circuit after the company secured a new contract to construct a multi-story commercial building in Uttar Pradesh.

▪  Shivalik Rasayan: Stock skyrocketed 8.5% after the USFDA gave its approval for the company's API manufacturing facility in Dahej, Gujarat.

Global News 

▪  The pan-European Stoxx 600 was down 0.82% by 1:50 p.m. London time, with all sectors and major bourses trading in the red. Construction and materials led losses, down 1.61% while mining stocks also lost 1.51%.

▪  Gold prices fell on Thursday as U.S. economic data tempered expectations of an aggressive rate cut in November, while investors awaited the upcoming payrolls report for more clarity on the Federal Reserve’s monetary policy easing plans.

▪  The dollar strengthened on Thursday on expectations the U.S. Federal Reserve will not rush to cut interest rates, while the pound lagged its developed markets peers after dovish comments from Bank of England Governor Andrew Bailey.

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