Good Bye Samvat 2080.

*Review & Preview @4PM —— Thursday, October 31st 2024*

NIFTY (-136, 24205)
Sensex (-553, 79389)
Bank Nifty (-332, 51475)

# Nifty falls on the last trading day of Samvat 2080.

# That said, Nifty ends Samvat 2080 with an impressive gain of 24% and most importantly, had scaled record all-time-high at 26277.35 mark

# On that positive note, Good Bye Samvat 2080.

#  Sentimental Overview:

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 108,633 crore from Indian equities this October month.

In the near term, all eyes will be on:

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

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

# Buzzing stocks:

1) Larsen & Toubro flared up 6.31% after its consolidated net profit rose 7% in the second quarter of the current financial year with a profit of Rs 4,113 crore in the July–September period.

2) Biocon fell 1.52% after its net profit plunged 84.2% year-on-year (YoY) in Q2 to Rs 27.1 crore, sharply down from Rs 172 crore reported in the same quarter of the previous fiscal year. Operational performance also deteriorated, with the EBITDA margin squeezing to 19% in Q2, down from 21% in the same period last year.

3) Tata Power Company zoomed 3% higher after reporting a 5.8% year-on-year (YoY) increase in net profit at ₹926.5 crore for the second quarter that ended September 30, 2024. In the previous Q2, Tata Power Company posted a net profit of ₹875.5 crore.

# Technical Overview:

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

Blame today’s selling on a solid reading on third-quarter US economic growth and softer inflation data that led market participants to trim their rate-cut bets.

Technically, confirmation of strength only above Nifty’s biggest hurdles at 24500 mark.

Nifty’s biggest support and downside risk seen at 23893 mark.

Nifty’s 200 DMA at 23435 mark.

 

# Outperforming Nifty Sectors:
NIFTY MEDIA (+1.88%)
Nifty PHARMA (+1.76%)
NIFTY INFRA (+0.49%)

# Underperforming Nifty Sectors:
Nifty IT (-2.87%)
Nifty FMCG (-0.82%)
BANK Nifty (-0.48%)

# Bulls of the day:
CIPLA (+9.50%)
L&T (+6.23%)
ONGC (+2.04%)
DRREDDY (+1.93%)
M&M (+1.61%)

# Bears of the day:
HCLTECH (-3.61%)
TECHM (-3.58%)
TCS (-2.68%)
ASIANPAINTS (-2.35%)
INFY (-2.17%) (Source NSSEINDIA.com)

 

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