Panic attack grips Dalal Street…

Review & Preview @4PM —— Thursday, October 17th 2024

NIFTY (-221, 24750)
Sensex (-495, 81007)
Bank Nifty (-512, 51289)

Panic attack grips Dalal Street amidst 5-key negative catalysts:

1) Persistent FIIs selling (This October month, FIIs have pulled out over Rs 63,900 crore from Indian equities).
2) Uninspiring corporate India’s Q2 earnings.
3) Uncertainty over the Middle East conflict.
4) China concerns.
5) Profit booking amidst overbought technical conditions.

# Buzzing stocks:

1) Nestle India plunged 3.44% after the FMCG major reported mixed numbers for the September 2024 quarter with a marginal decline of 0.94% in its net profit at Rs 899.49 crore for the quarter that ended September 2024, in which it faced high commodity prices and some of its key brands faced softer consumer demand.

2) Bajaj Auto tumbled 13% on weak festival sales, also amidst reported a 31.4% drop in consolidated net profit to ₹1,385 crore in the quarter ended September 30, 2024, as compared to ₹2,020 crore reported in the same quarter last year.

# Sentimental Overview:

The initial public offering (IPO) of Hyundai Motor India has succeeded in gaining traction on the final day of bidding, as the issue received bids for 18,65,23,491 shares against the 9,97,69,810 shares offered, translating to an oversubscription of 1.87 times. This demand was driven by QIBs, who bid for 5.47 times the shares offered.

Hyundai India shares will now be listed on both NSE and BSE on October 22 while shares will be allotted to successful bidders on October 18.

# Technical Overview:

The benchmark Nifty has been witnessing drubbing for the third straight day as massive profit booking continued to be the preferred theme.

Please note, technically, confirmation of strength only above Nifty’s biggest hurdles at 25100 mark.

Nifty’s downside risk now at 24383 mark.

Nifty’s 200 DMA at 23295 mark.

# Outperforming Nifty Sectors:
Nifty IT (+1.39%)

# Underperforming Nifty Sectors:
Nifty Reality (-3.83%)
Nifty Auto (-3.58%)
Nifty Media (-2.15%)

# Bulls of the day:
INFY (+2.84%)
TECHM (+2.81%)
POWERGRID (+1.21%)
L&T (+0.95%)
SBIN (+0.73%)

# Bears of the day:
BAJAJ AUTO (-13.11%)
SHRIRAMFIN (-4.11%)
M&M (-3.52%)
NESTLEIND (-3.44%)
HEROMOTOCORP (-3.39%)
(Source NSSEINDIA.com)

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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.