POST-MARKET SUMMARY 5th November 2024
On November 5, the domestic benchmark indices rebounded sharply after a decline in morning trade. Bearish sentiment initially drove the indices down, but a strong recovery led by banking and metal stocks, reversed the trend, pushing the index above the previous session’s low. Nifty surpassed the 24,100 mark, while the Sensex rose over 1,100 points from the day's low, boosted by gains in bank and metal stocks.
Early market declines were attributed to foreign fund outflows and investor caution ahead of the US presidential election results and the Federal Reserve's interest rate decision, with FIIs selling equities worth Rs 4,329.79 crore on Monday.
NIFTY: The index opened 79 points lower at 23,916 and made a high of 24,229 before closing at 24,213. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,300 while immediate support is at 24,100.
BANK NIFTY: The index opened 163 points lower at 51,052 and closed at 52,207. Bank Nifty has formed a long bullish candlestick pattern on the daily chart. Its major resistance level is now placed at 52,360 while major support is at 51,800.
Stocks in Spotlight
▪ Tilaknagar Industries: Stock surged 15% and hit a record high after the company reported its September quarter results and the management projected crossing Rs 1,300 crore in revenue for FY25.
▪ Mazagaon Dock Shipbuilders: Stock jumped 4% after reporting its September quarter results, which saw a sharp increase year-on-year across all parameters.
▪ Amara Raja Energy & Mobility: Stock slipped 4% and ranked among the top losers on the Nifty Small cap index after the company reported a 6% increase in Q2 profit.
Global News
▪ Asian markets mostly rose on Tuesday, a day before results from the US presidential election rolled in, with opinion polls showing a very close race, while Chinese equities were boosted by hopes over the country's economy.
▪ European stocks were little changed on Tuesday as global markets geared up for the U.S. presidential election.
▪ U.S. Treasury yields were modestly higher on Tuesday as investors readied themselves for the presidential election.
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