# Nifty crashes as US bond yields jump.

*Review & Preview @4PM —— Tuesday, October 22nd 2024*

NIFTY (-309, 24472)
Sensex (-931, 80221)
Bank Nifty (-706, 51257)

 

 

# Nifty crashes as US bond yields jump.

# India VIX, the fear gauge jumped 4% amid steep market plunge.

# Nifty Mid-cap and Small-cap, plunge 2.35% and 3.65% respectively.

# A dismal Tuesday’s trading session as all sectoral indices end in red and had nothing to offer but blood, toil, tears and sweat.

 

# Buzzing stocks:

1) Shipbuilding shares sink: Mazagon Dock (-10%), GRSE (-12%), Cochin Ship locked at the 5% lower circuit at Rs 1,453.80.

2) Supreme Industries shares tanked up to 10% after the company delivered muted quarterly earnings for the second quarter of the financial year 2024-25 (Q2FY25). In Q2FY25, the company reported a revenue de-growth of 1.55% year-on-year, reaching Rs 2,272 crore, down from Rs 2,308 crore in Q2FY24. Sequentially, the revenue dropped 13.4%.

3) Shares of Cyient DLM slipped 4.6% despite a decent showing in quarterly earnings for the second quarter of the financial year 2024-25 (Q2FY25).

# Sentimental Overview:

# The pessimism at Dalal Street is driven by:

1) US bond yields jump with the benchmark 10-year US Treasury note hitting 4.2% for the first time since late July.

2) Bullish traders are dialing back bets on aggressive Fed rate cuts, uncertainty surrounding the US presidential election also linger.

3) Intense FIIs selling (This October month, FIIs have pulled out over Rs 82,500 crore from Indian equities).

4) Uninspiring corporate India’s Q2 earnings.

5) Traders also brace for Maharashtra Assembly polls which will be held in a single phase on November 20. Jharkhand polls will be held in two phases on November 13 and 20th.

Counting of votes for the two states will take place on November 23.

# Technical Overview:

Technically speaking, the line on the sand is at Nifty’s support at 24371 and then all eyes will be at Nifty 200 DMA at 23428 mark.

Confirmation of strength only above Nifty’s biggest hurdles at 25000 mark.

# Underperforming Nifty Sectors:
Nifty PSU BANKS (-4.21%)
Nifty REALITY (-3.31%)
Nifty PSE (-3.16%)
Nifty Metal (-2.79%)
Nifty Media (-2.37%)

# Bulls of the day:
ICICIBANK (+0.74%)
NESTLEIND (+0.10%)
INFY (+0.04%)

# Bears of the day:
BEL (-3.79%)
M&M (-3.63%)
COALINDIA (-3.36%)
ADANIENT (-3.29%)
SBIN (-2.97%)
(Source NSSEINDIA.com)

 

 

 

Disclaimer: This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Returns mentioned herein are in no way a guarantee or promise of future returns. Stock market investments are subject to market risks.