POST-MARKET SUMMARY 4th November 2024

On November 4, Indian markets declined due to sustained foreign investor selling and weaker-than-expected September quarter earnings. At close, the Sensex was down 1.2% (942 points) at 78,782.24, while the Nifty fell 1.27% (309 points) to 23,995.35. Broader indices also declined, with the BSE MidCap and SmallCap indices down by 1.3% and 1.65%, respectively. Also read: Monday’s Market Crash: A Signal to Sell or Time to Buy?

Investors remain cautious ahead of key events this week, including the US elections and the Federal Reserve’s policy meeting. Analysts expect the Fed to announce another 25 basis point rate cut on November 7, but much of the focus will be on Fed Chair Jerome Powell's guidance on potential pauses in the rate-cutting cycle, especially given recent strong economic data.

 NIFTY:  The index opened flat at 24,315 and made a high of 24,316 before closing at 23,995. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,070 while immediate support is at 23,920. 

BANK NIFTY: The index opened 91 points higher at 51,764 and closed at 51,215. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 51,420 while major support is at 51,000.

Stocks in Spotlight

▪  Gensol Engineering: Stock gained 3.5% after the company bagged a solar PV project worth Rs 780 crore from a leading public utility in Maharashtra.

▪  Azad Engineering: Stock surged 8% following the announcement of a major long-term contract with Mitsubishi Heavy Industries worth Rs 700 crore.

▪  Bajaj Auto: Stock fell 3.5% as investors reacted to the company's weak October sales data.

Global News 

▪  European markets were lower on Monday, reversing gains earlier in the day, with all eyes on the U.S. presidential election due to take place on Tuesday.

▪  Oil prices rose more than 2% on Monday on a decision by OPEC+ to delay by a month plans to increase output, while the market braced for a crucial week that includes the U.S. presidential election and a key meeting in China.

▪  The dollar dipped on Monday as investors braced for wide-ranging implications for the global economy this week from the outcome of U.S. elections and a likely interest rate cut from the Federal Reserve.

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