POST-MARKET SUMMARY 6th November 2024

On November 6, the Indian equity market rallied in response to Donald Trump's victory in the US presidential election, extending its winning streak for the second consecutive session. The Nifty surged above 24,500, driven by sector-wide buying, particularly in IT, realty, oil & gas, and power stocks. Investors are also hopeful for another rate cut by the Federal Reserve at its meeting on November 7. All sectoral indices closed in the green, with the IT index rising 4%, while oil & gas, power, capital goods, and realty each gained 2%.

 NIFTY:  The index opened 95 points higher at 24,308 and made a high of 24,537 before closing at 24,484. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,600 while immediate support is at 24,380.

 BANK NIFTY: The index opened 233 points higher at 52,440 and closed at 52,317. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 52,600 while major support is at 52,000.

Stocks in Spotlight

▪  Hindustan Zinc: Stock plummeted 8% as the government announced offloading a 2.5% stake in the company through an offer-for-sale.

▪  RVNL:  Stock surged over 4% after the company, in partnership with Rithwik Projects Pvt Ltd (RPPL), emerged as the lowest bidder for a major contract with Rail Infrastructure Development Company (Karnataka) Ltd.

▪  Mazagon Dock Shipbuilders: Stock rose 2% after the state-run company reported strong September quarter results.

 Global News

▪  European stocks reversed earlier gains Wednesday afternoon as investors digested Donald Trump’s defeat of his Democrat rival Kamala Harris in the U.S. presidential election.

▪  Asia-Pacific markets were mixed Wednesday after Wall Street surged overnight ahead of the U.S. presidential election results.

▪  The Dow Jones Industrial Average surged 1,300 points to a record high as Donald Trump won the 2024 presidential election.

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