POST-MARKET SUMMARY 4th October 2024

On October 4, in a highly volatile session, Indian equity markets ended on a negative note, extending their losing streak for the fourth consecutive session amid escalating geopolitical tensions. At close, the Sensex was down 808.65 points or 0.98% to 81,688.45, while the Nifty declined 200.30 points or 0.79% to 25,049.80.

Among the sectors, except for PSU Bank and IT, all other sectoral indices finished in the red, with Auto, FMCG, Realty, Power, Media, Telecom, and Oil & Gas indices dropping by 1-2%.

NIFTY:  The index opened 69 points lower at 25,181 and made a high of 25,485 before closing at 25,014. Nifty has formed a bearish candlestick pattern with a long upper shadow on the daily chart. Its immediate resistance level is now placed at 25,100 while immediate support is at 24,960.

BANK NIFTY: The index opened 202 points lower at 51,643 and closed at 51,462. Bank Nifty has formed a bearish candlestick pattern with a long upper shadow, resembling an inverted hammer (though not a classical one) on the daily chart. Its major resistance level is now placed at 51,650 while major support is at 51,350

Stocks in Spotlight

▪  Asian Paints: Stock settled lower by 2.40%, driven by an increase in crude oil prices, which serve as a key raw material for paint manufacturers.

▪  Bank of Baroda: Stock rose 2.10% after the public sector lender released a robust business update for the second quarter of FY25.

▪  VIP Industries: Stock jumped 7.95% higher after the company partnered with Unicommerce to streamline its post-purchase ecommerce operations.

Global News 

▪  European stocks climbed higher on Friday after the latest U.S. jobs report soared past expectations. The unemployment rate fell to 4.1%, down 0.1 percentage point, as the survey of household employment showed an even stronger picture, with a gain of 430,000.

▪  Asia-Pacific markets traded mixed on Friday; Markets in mainland China will reopen on October 8.

▪  U.S. crude futures jumped 5% overnight and continued rising Friday, amid concerns Israel may target Iran's oil industry after Tehran's missile attack.

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