POST-MARKET SUMMARY 8th November 2024

On November 8, Indian equities closed lower for the second straight session, moving against positive global market trends despite a quarter-point rate cut by the US Federal Reserve. Also read: How Trump's Win and Fed’s Rate Cut Affect Indian Markets

 The Sensex fell 55.47 points, or 0.07%, to 79,486.32, while the Nifty declined 51.15 points, or 0.21%, to end at 24,148.20. Among sectors, the IT index rose by 0.7%, whereas media, PSU banks, metals, oil & gas, power, and realty sectors recorded declines of 1% to 2%.

 NIFTY:  The index opened flat at 24,207 and made a high of 24,276 before closing at 24,148. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,200 while immediate support is at 24,040.

 BANK NIFTY: The index opened 47 points lower at 51,869 and closed at 51,561. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 52,000 while major support is at 51,400.

Stocks in Spotlight

▪  Indian Hotels Company: Stock surged nearly 7% as investors welcomed strong Q2 earnings. The company posted a 232% YoY rise in net profit to Rs 554.6 crore, with operating revenue up 27% to Rs 1,826 crore.

▪  Waaree Energies: Stock fell over 6% due to concerns over a potential decline in renewable energy exports to the US under Donald Trump’s presidency.

▪  Indigo Paints: Stock plunged 6% after the company's profit declined by 7.7% year-over-year in the September quarter.

Global News 

▪  Oil prices fell on Friday on receding fears over the impact of Hurricane Rafael on oil and gas infrastructure in the U.S. Gulf while investors also weighed up fresh Chinese economic stimulus.

▪  Gold prices eased on Friday but remained near the $2,700 level, as traders evaluated potential implications for the U.S. interest rate outlook.

▪  The dollar took a breather on Friday, on track to cap off a wild week with a slight gain as markets weighed the impact of Donald Trump’s impending return to the White House and what that would mean for the U.S. economy and its rate outlook.

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