POST-MARKET SUMMARY 7th October 2024

On October 7, in yet another highly volatile session, Indian benchmark indices ended lower, extending their losing streak for the sixth consecutive session. Investor sentiment was dampened by concerns over the escalating conflict in the Middle East. While the IT index gained 0.6%, all other sectoral indices closed in the red, with PSU Bank, Healthcare, Capital Goods, Realty, Metal, Power, Oil & Gas, Media, and Telecom falling by 1-3%.

NIFTY:  The index opened 70 points higher at 25,084 and made a high of 25,143 before closing at 24,795. Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,930 while immediate support is at 24,700.

 BANK NIFTY: The index opened 81 points higher at 51,543 and closed at 50,478. Bank Nifty has formed a large bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 50,770 while major support is at 50,350.

Stocks in Spotlight

▪  Natco Pharma: Stock climbed 3.5% after the company announced settlement in a U.S. patent litigation concerning the development of a generic version of Ozempic (Semaglutide).

▪  AU Small Finance Bank: Stock gained 2% after the lender reported healthy loan and deposit growth for the July-September quarter.

▪  Vodafone Idea: Stock plunged 6% after the Department of Telecommunications (DoT) slapped a notice over the non-payment of bank guarantees required to cover past spectrum auction dues.

Global News

▪  European stocks started the new trading week on a positive note, buoyed by gains in Asia overnight and last Friday’s rally on Wall Street as investors monitor oil prices and await fresh data sets.

▪  The U.S. dollar was just off its highest level in seven weeks on Monday after a rally sparked by Friday’s strong U.S. jobs data and an escalation in the Middle East conflict.

▪  Asia-Pacific markets mostly climbed on Monday, led by Japan’s Nikkei 225 rising almost 2% as investors look ahead to a week of central bank decisions from around the region.

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