POST-MARKET SUMMARY 8th October 2024
On October 8, the Indian equity indices snapped a six-day losing streak and ended higher, with the Nifty closing above 25,000, driven by buying across sectors, except metals, ahead of the RBI policy outcome tomorrow. The BJP’s surprise victory in the Haryana Assembly elections also boosted investor sentiment. Barring metal, all other sectoral indices finished in the green, with Auto, Bank, Healthcare, Realty, Capital Goods, Power, Telecom, and Media rising by 1-2%.
The benchmarks had declined over the previous six sessions as the escalating Middle East conflict weakened risk appetite and foreign institutional investors offloaded shares worth $6 billion.
NIFTY: The index opened 37 points higher at 24,832 and made a high of 25,044 before closing at 25,013. Nifty has formed a bullish candlestick, resembling an "Inside Bar" pattern on the daily chart. Its immediate resistance level is now placed at 25,150 while immediate support is at 24,900.
BANK NIFTY: The index opened 258 points higher at 50,736 and closed at 51,021. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its major resistance level is now placed at 51,200 while major support is at 50,700.
Stocks in Spotlight
▪ Reliance Power: Stock hit the 5% lower circuit for the fourth consecutive session as investors engaged in profit-booking.
▪ NMDC: Stock fell up to 4.3% after China's state planner announced a roadmap to boost the economy, but lacked new plans for major stimulus.
▪ HEG: Stock surged over 10% after the company acquired an 8% stake in industry rival GrafTech International for Rs 250 crore.
Global News
▪ Gold prices extended their decline to the fifth consecutive session on Tuesday under pressure from recent strong U.S. economic data, though safe-haven demand coming from tensions in the Middle East limited the drop.
▪ European markets were lower on Tuesday afternoon as regional sentiment soured further after a shaky start to the week, with investors responding to a slowdown in China’s stimulus rally.
▪ The dollar eased from near seven-week highs against major currencies on Tuesday after investors assessed the outlook for U.S. rate cuts, even as geopolitical tensions in the Middle East continue to support the currency’s safe-haven appeal.
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