POST-MARKET SUMMARY 7th November 2024
On November 7th, Indian benchmark indices erased gains from previous sessions, ending a two-day winning streak due to broad-based selling across sectors as investors stayed cautious ahead of the Federal Open Market Committee (FOMC) outcome later tonight.
At close, the Sensex was down 836.34 points or 1.04% to 79,541.79, while the Nifty dropped 284.70 points or 1.16% to 24,199.30. All sectoral indices finished in the red, with auto, metal, power, telecom, pharma, and realty sectors declining between 1-2%.
NIFTY: The index opened flat at 24,489 and made a high of 24,503 before closing at 24,199. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,260 while immediate support is at 24,160.
BANK NIFTY: The index opened 59 points lower at 52,258 and closed at 51,916. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 52,100 while major support is at 51,650.
Stocks in Spotlight
▪ Wockhardt: Shares tanked as much as 5% as investors dumped the stock after the company launched a Qualified Institutional Placement (QIP) at a floor price that offers a steep discount from the previous closing level.
▪ Trent: Stock sank almost 8% after it reported September quarter results, which were below expectations. Net profit for the company stood at Rs 335 crore, marking an on-year rise of around 47%.
▪ Avalon Technologies: Stock rallied 20% after the firm posted a 140% year-on-year increase in net profits.
Global News
▪ Gold prices rose on Thursday but remained near a three-week low, as market participants awaited the U.S. Federal Reserve's rate-cut decision later in the day.
▪ Mainland China's CSI 300 led Asian markets, closing up 3.02% at 4,145.7, while Hong Kong's Hang Seng index rose 2% in its final trading hour.
▪ The dollar remained near four-month highs after its biggest rally in two years post-Trump’s election win. Meanwhile, sterling rose following a Bank of England rate cut, with the bank forecasting quicker inflation and growth for the UK.
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