NIFTY, NIFTY BANK MOVED VERY VOLATILE & CLOSED NEAR THE OPENING TICK WITH SOME GAINS

NIFTY:

The NIFTY opened at 19120 with a big gap up of 131 points. Prices continued its early morning bullish momentum and started moving higher but soon found resistance. The index recorded its intraday high at 19175.25 and saw a sharp intraday decline. However, the gap was not filled and the index bounced up after recording its intraday low at 19064.15. Prices saw a sharp recovery in the second half and finally closed at 19133.25 just above the opening tick with a gain of 144.10 points or 0.76% up. All the sectoral indices have moved higher and closed with gains. The REALTY outperformed and closed with a gain of 2.52% followed by METAL and OIL GAS which ended more than 1% higher. The short-term trend is sideways. Support is visible around 18800 while resistance is visible around 19300.

BANK NIFTY:

The BANK NIFTY opened at 43018.70 with a big gap up of 284 points. The index continued its bullish momentum and started moving higher after the opening tick. However, prices found resistance, recorded its intraday high at 43271.50, and saw a sharp intraday decline. The decline found support in the afternoon session and then the index saw some recovery after recording its intraday low at 42796.45. The index finally closed at 4303.50 with a gain of 289 points. PSU BANK has outperformed, saw a sharp upside move, and closed with a gain of 1.50%. PVT BANK has also moved up, saw a mild upside move, and closed with a gain of 0.79%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while AU BANK contributed the lowest. The short-term trend is sideways now. Support is visible around 42100 while resistance is visible around 43500.

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• Benchmark indices erased previous two-session losses and ended higher with Nifty back above 19,100. At close, the Sensex was up 489.57 points or 0.77 percent at 64,080.90, and the Nifty was up 144.10 points or 0.76 percent at 19,133.30. About 2236 shares advanced, 1287 shares declined, and 140 shares unchanged.

• Adani Enterprises on November 2 reported its consolidated net profit at Rs 227.82 crore, down 50.57 percent from Rs 460.94 crore in the same quarter last year. Decreasing coal prices was key factor hurting the company’s profits. The revenue from operations of the company came in at Rs 22.517 33 crore, falling 41.01 percent from Rs 38,175.23 crore, the company said in an exchange filing.

• Berger Paints on November 2 reported a consolidated net profit of Rs 292.13 crore for the September quarter of the current financial year, up 33 percent from the year-ago period. Consolidated revenue increased 3.6 percent YoY to Rs 2767.3 crore in Q2FY24. The paint manufacturer’s earnings before interest tax depreciation and amortisation (Ebitda) were at Rs 473.65 crore, up 30.4 percent YoY .

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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