POST-MARKET SUMMARY 9th October 2024
On October 9, Indian benchmark indices struggled to maintain intraday gains, ending marginally lower in a volatile session due to final-hour selling. The Reserve Bank of India (RBI) kept its key policy rates unchanged amid concerns over geopolitics and inflation, while shifting its stance to 'neutral' from 'withdrawal of accommodation'. Read: RBI Monetary Policy Update | Possible Rate Cut Ahead
Among sectors, FMCG (down 1.3%) and oil & gas (down 0.6%) were the only laggards, while all other indices finished in the green, with pharma, power, and realty gaining 1-2%.
NIFTY: The index opened 52 points higher at 25,065 and made a high of 25,234 before closing at 24,981. Nifty has formed a small bearish candle with a long upper shadow on the daily chart. Its immediate resistance level is now placed at 25,140 while immediate support is at 24,900.
BANK NIFTY: The index opened 140 points higher at 51,161 and closed at 51,007. Bank Nifty has formed a bearish candle with a long upper shadow on the daily timeframe. Its major resistance level is now placed at 51,240 while major support is at 50,780.
Stocks in Spotlight
▪ ONGC: Stock fell 2% after crude oil futures fell more than 4% on Tuesday as the rally spurred by heightened geopolitical risk paused.
▪ Sobha: Stock plunged over 3%, extending losses for a second session in a row after the company reported a muted business update for the September quarter.
▪ Premier Energies: Stock rallied 6% after its company’s subsidiary finalized a solar module supply agreement with BN Hybrid Power-1, taking a significant step forward in its renewable energy efforts.
Global News
▪ The mainland CSI 300 dropped 7.05%, snapping a 10-day winning streak and closing at 3,955.98, while Hong Kong’s Hang Seng index tumbled 1.7% as of its final hour of trade in a volatile session.
▪ European markets traded slightly higher on Wednesday as positive sentiment wavered in the region, spurred on by volatility in China.
▪ Gold retreated for the sixth straight day on Wednesday on an advancing dollar and diminished expectations for a larger rate cut in November while markets awaited minutes from the Federal Reserve’s September policy meeting for further insights.
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