An unpleasant day for Nifty bulls.

*Review & Preview @4PM —— Wednesday, October 30th 2024*

NIFTY (-126, 24341)
Sensex (-427, 79942)
Bank Nifty (-513, 51808)

Amidst wild swings and volatility, it panned out to be an unpleasant day for Nifty bulls.

Investors were primarily apprehensive over FIIs pulling out over Rs 104,019 crore from Indian equities this October month.

# Sentimental Overview:

Volatility is likely to be hallmark of this week’s trading as all eyes will be on:

1) October F&O expiry this Thursday, October 31st

2) US NFP to trickle on Friday, November 1st

3) The race for White House tightens as voters go to the polls on November 5th to elect their next president.

4) Intense FIIs selling (This October month, FIIs have pulled out over Rs 104,019 crore from Indian equities).

# Buzzing stocks:

1) NHPC shares soared 1.9% after the company announced that its arm, NHDC, has commissioned the full 88 MW capacity of the Omkareshwar Floating Solar Power Plant (FSPV), Unit-D located in the reservoir of the Omkareshwar project, Madhya Pradesh on October 29 with annual generation capacity of 204.58 Mus.

2) Honeywell Automation plunged 7.65% after the company reported its second quarter earnings where net profit fell 5.7% year-on-year, totaling Rs 115 crore for the three months ended September 2024, down from Rs 122 crore in the same quarter last year.

3) Shares of Garden Reach Shipbuilders & Engineers (GRSE) inched up 0.08% on reports that the company won Rs 490.98-crore order win from Naval Physical & Oceanographic Laboratory, Gol, Ministry of Defence DRDO, Kochi.

4) Kaynes Technology (+0.79%) posted strong Q2 results.

5) Marico share price surged 3.43% after the company posted stronger-than-expected Q2FY25 results, which beat street estimates. In Q2FY25, Marico profit rose over 20.3% year-on-year (Y-o-Y) to Rs 433 crore, as against Rs 360 crore in the same quarter a year ago (Q2FY24).

The company’s revenue from operations climbed 7.6% annually to Rs 2,664 crore in Q2FY25, from Rs Rs 2,476 crore in the same quarter last year (Q2FY24).

# Technical Overview:

Well, amidst a negative close, Nifty price action clearly suggests that the benchmark is not out of woods yet.

Technically, confirmation of strength only above Nifty’s biggest hurdles at 24637 mark.

Nifty’s biggest support to watch are placed at 24213 mark.

Nifty’s 200 DMA at 23422 mark.

# Outperforming Nifty Sectors:
NIFTY MEDIA (+2.30%)
NIFTY FMCG (+0.99%)
NIFTY INFRA (+0.09%)

# Underperforming Nifty Sectors:
Nifty PHARMA (-0.95%)
BANK Nifty (-0.90%)
Nifty IT (-0.87%)

# Bulls of the day:
ADANI ENTERPRISES (+3.74%)
HEROMOTO CORP (+3.18%)
TATA CONSUMER (+3.04%)
BRITANNIA (+2.25%)
MARUTI (+1.98%)

# Bears of the day:
CIPLA (-4.03%)
SHRIRAMFIN (-2.35%)
HDFC LIFE (-2.34%)
TRENT (-2.27%)
INFY (-2.20%)
(Source NSSEINDIA.com)

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