As of October 7, 2024, global markets are showing mixed signals with gains in the U.S. and Asian indices, while the Indian markets brace for volatility. The Reserve Bank of India’s upcoming policy meeting and corporate earnings season are expected to shape the market sentiment this week.
In this article, we provide an overview of key global and Indian indices, along with stock-specific updates and technical analysis.
Global Indices Performance (As of 7:22 AM)
- GIFT Nifty (Asia): 25,237.0 (+52.0 | +0.21%)
- Dow Jones (U.S.): 34,275.0 (+341.16 | +0.81%)
- Nasdaq (U.S.): 18,137.85 (+219.38 | +1.22%)
- S&P 500 (U.S.): 5,751.07 (+51.13 | +0.90%)
- Hang Seng (Asia): 22,809.38 (+72.51 | +0.32%)
- Nikkei 225 (Asia): 39,454.12 (+818.50 | +2.12%)
- KOSPI (Asia): 2,591.01 (+21.30 | +0.83%)
- FTSE 100 (Europe): 8,280.63 (-1.89 | -0.02%)
Indian Indices Performance (As of Last Market Close)
- Sensex: 81,688.45 (-808.65 | -0.98%)
- Nifty 50: 25,014.6 (-235.50 | -0.93%)
- Nifty Bank: 51,462.05 (-383.15 | -0.74%)
- India VIX: 14.13 (+0.96 | +7.27%)
Market Overview:
- GIFT Nifty signals a positive opening for Indian markets, with a trading level around 25,237.0.
- Sensex and Nifty are expected to open higher, tracking positive global cues.
- Mixed performance in Asian markets, with Japan leading the gains.
- U.S. markets ended last week on a strong note, with the Dow Jones hitting a record high.
Key Global Events Affecting Markets:
- U.S. Job Growth: Employment surged in September, with the unemployment rate dropping to 4.1%.
- Oil Prices: Brent crude prices dipped to $77.62 per barrel after a sharp weekly rise.
- Currency Movement: The U.S. dollar strengthened, while gold prices eased amid reduced expectations of a U.S. interest rate cut.
Indian Market Drivers:
- RBI Policy Meeting: The upcoming RBI policy meeting on October 9 is likely to affect market sentiment.
- Corporate Earnings: TCS is set to announce its Q2 earnings on October 10.
- Foreign Portfolio Investors (FPI) Outflows: FPI outflows in October stood at ₹24,511 crore, adding to market volatility.
Stocks in Ban Period:
- Bandhan Bank, Birla Soft, GNFC, Granules, Hindustan Copper, Manappuram, RBL Bank
Technical Analysis
Nifty 50:
- Nifty experienced a sell-off last Friday, dipping below 25,500 during the session but closed slightly above 25,000.
- It marked the worst trading week of 2024 for Nifty, shedding over 1,250 points from a peak of 26,277.
- Pivot Points indicate resistance levels at 25,353, 25,476, and 25,674, with support levels at 24,958, 24,835, and 24,637.
- The formation of a bearish candlestick with a long upper shadow suggests selling pressure at higher levels.
- Pullbacks are anticipated between 24,800 – 24,750.
Bank Nifty:
- Bank Nifty recorded its worst weekly performance of 2024, forming an evening star pattern, signaling bearishness.
- The index is 450 points away from erasing the gains it made since September 11.
- Pivot Points suggest resistance at 52,109, 52,348, and 52,734, with support at 51,336, 51,098, and 50,711.
- Fibonacci retracement levels show resistance at 53,204 and 53,446, with support at 52,413 and 51,929.
- Negative momentum indicators are visible across daily, weekly, and monthly charts.
Options Data
Nifty Call Options:
- Maximum open interest at the 26,000 strike with 90.11 lakh contracts, indicating a key resistance level.
- Significant call writing was observed at the 26,000 strike, with an addition of 33.31 lakh contracts.
- Unwinding was most prominent at the 25,600 strike, shedding 2.24 lakh contracts.
Nifty Put Options:
- Maximum open interest at the 24,000 strike with 46.03 lakh contracts, indicating key support.
- Put writing was most significant at the 24,000 strike, adding 17.57 lakh contracts.
- The 25,600 strike saw put unwinding, losing 5.85 lakh contracts.
Stocks in the Positive News
- Jio Financial Services: SEBI granted in-principle approval for a mutual fund venture with BlackRock Financial Management.
- Titan: Domestic jewellery sales rose 25% YoY; Watches & Wearables up 19%, EyeCare up 6%, Taneira up 11%.
- Indusind Bank: Net advances increased 13% YoY to ₹3.56 lakh crore; deposits grew by 15% YoY to ₹4.12 lakh crore.
- Federal Bank: Deposits up 15.6% YoY to ₹2.69 lakh crore; advances up 19.3% YoY to ₹2.33 lakh crore.
- Macrotech Developers: Achieved best-ever quarterly pre-sales of ₹4,290 crore, up 21% YoY.
- Godrej Properties: Record Q2 bookings, with H1 bookings up 89% YoY to ₹13,800 crore.
- Adani Wilmar: Edible oil volume grew 15%; Food & FMCG revenue up 36%.
- Metropolis Healthcare: Quarterly revenue up 13% YoY, B2C revenue grew 20%, the company remains debt-free.
- RBL Bank: Deposits rose 20% YoY to ₹1.08 lakh crore; advances grew 15% YoY to ₹89,786 crore.
- L&T Finance: Retail loan book up 28% YoY to ₹88,950 crore.
- GAIL: Signed an MoU with AM Green for renewable energy projects of up to 2.5 GW.
- Antony Waste Handling Cell: Secured a ₹908 crore contract for solid waste collection in Navi Mumbai.
- BLS International Services: Completed acquisition of Dubai-based Citizenship Invest for $31 million.
- Bank of Maharashtra: Raised ₹3,500 crore through QIP.
- CG Power: Acquired Renesas Electronics’ RF components business for $36 million.
- RKEC Projects: Received a work order worth ₹186.7 crore from Maharashtra Maritime Board.
- Apollo Tyres: LIC increased its stake to 5.03%, acquiring 3 lakh shares in the open market.
- TVS Supply Chain: Signed an inter-corporate loan agreement with a subsidiary to optimize cash flow.
- Adani Energy Solutions: Incorporated a subsidiary to explore transmission projects outside India.
Stocks in the Negative News
- MTNL: SBI downgraded MTNL’s account to an NPA with a total outstanding exposure of ₹325.5 crore.
- Lupin: US FDA issued five observations to its Pune biotech facility after an inspection.
- Univa Foods: CFO Sandhya Rani Koochana resigned due to personal reasons.
- Reliance Chemotex: President Vinay Srivastav resigned, effective October 4.
- Akzo Nobel India: Parent company announced a strategic review, possibly involving divestments or partnerships in South Asia.
FII/DII Data (October 4, 2024):
- FIIs were net sellers with an outflow of ₹9,897 crore.
- DIIs were net buyers with an inflow of ₹8,905.1 crore.
PCR of Indices (Weekly Expiry):
- Nifty: 0.4443
- Bank Nifty: 0.5359
- Fin Nifty: 0.4762
- Midcap Nifty: 0.5694
- Sensex: 0.787
A PCR above 1 indicates a bearish sentiment, while a value below 1 signals bullishness.
Tags: global markets, Indian indices, stock market news, Nifty, Sensex, Bank Nifty, technical analysis, stock updates, FII data, DII data, October market update
