Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed on a lower note on October 04, continuing the downtrend. The BSE Sensex tumbled over 800 points or 0.98% to finish the day’s trading at 81,688. The NSE Nifty 50 fell 200 points or 0.79% to settle at 25,050. The Bank Nifty closed the day’s trading 0.56% lower at 51,556. Following the overall market sentiments, the Nifty Midcap 100 closed the session 529 points or 0.90% lower at 58,496.
“International gold prices eased as the Dollar Index and the U.S. Treasury Yields extended gains on Thursday’s trade. International silver prices surged higher on Thursday’s trade as Middle East tensions drove investors toward the safe-haven appeal of the metal. However, the upside remained capped as the Dollar index rallied to a 6-week high underpinned by heightened Middle East tensions and higher U.S. bond yields. But ISM non-manufacturing PMI was stronger than expectations of 51.7 and the fastest pace of expansion in 19 months maintaining a smaller rate cut expectations from the Fed and capped upside,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.
The NSE Nifty 50 opened 0.01% lower at 25,246.45, while the BSE Sensex opened 0.04% lower at 82,468.10.
“In yesterday’s session, FIIs were net sellers, offloading ₹15,243 crore, as Nifty faced a sharp sell-off due to fragile market sentiment, sensitive to news from the Middle East. With rising geopolitical tensions, including mounting casualties in Lebanon, caution is expected to prevail. WTI crude surged 4% to $73 per barrel, while uncertainty lingers over the timing of the next Fed rate cut. As Nifty hovers around 25,250, support stands at 24,801,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
“Over the past two days, there has been a fresh short buildup of approximately 24.3%, accompanied by a price decline of around 1.9%. This suggests that market participants are anticipating further downside. On the options front, the highest open interest (OI) is observed at the 53000 CE, where a fresh short buildup has occurred. On the PE side, the 52000 strike holds the highest OI, where fresh long buildup has been seen. This indicates that market participants expect the index to trade below 52000, as long as it remains below 53000,” said Kunal Kamble, Sr. Technical Research Analyst at Bonanza.
Kamble also said the weekly put call ratio (PCR) of 0.62 is nearing oversold territory, which could pose a concern for put buyers and call sellers. From a technical perspective, the banking index is currently trading near its rising trendline support, a level it has respected for the past three months. This upward trendline is positioned near the 51600 level, which is likely to act as strong support. A close below this level could trigger a further downward move towards 51000.
The customer franchise grew significantly to 92.09 million as of the September 2024 quarter, up from 76.56 million in the same quarter last year. Assets under management (AUM) rose by 29% to Rs 3,73,900 crore in Q2 FY25, while new loans booked increased by 14% to 9.69 million. The deposits book saw a 21% rise to Rs 66,100 crore, and the net liquidity surplus stood at Rs 20,100 crore as of September 2024.
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Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said that The Nifty has experienced a sharp correction, breaking below the support of a rising trendline on the daily timeframe, signaling a potential bearish trend reversal. Additionally, the index has slipped below the 20-day moving average (20DMA), intensifying concerns. The daily RSI has also broken below its rising trendline, further suggesting the possibility of continued downside. Immediate support is located at 25,070, and a breach of this level could see the index decline towards 24,800. On the upside, resistance is positioned in the 25,500–25,550 zone.
Foreign institutional investors (FII) offloaded shares worth Rs 15,243.27 crore, while domestic institutional investors (DII) bought shares worth Rs 12,913.96 crore on October 04, 2024, according to the provisional data available on the NSE.
The 24-carat gold rate in India was Rs 76,140 per 10 grams on October 4. The rate for 24-carat gold per gram is Rs 7,614. The rate of 22-carat gold was Rs 69,795 per 10 grams.
The rate of 24-carat gold has fallen by 0.63% in the last one week, and the yellow metal has risen by 1.63% in the last ten days. The silver is currently quoted at Rs 92,770 per kilogram.
WTI crude prices are trading at $73.81 up by 0.14%, while Brent crude prices are trading at $77.70 up by 0.10%, on Friday morning.
Shares of Diffusion Engineers are set to debut on the stock exchanges on Friday, October 4, 2024, with listings on both the BSE and NSE. Currently, the grey market premium suggests that Diffusion Engineers shares may list at approximately Rs 228, which represents a potential return of over 35% for investors allotted shares in the company’s IPO.
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