On the last day of last week, there were signs of some relief in the market in the afternoon session. But, in the second half of the day, the market witnessed a sharp decline. On Friday, the Nifty slipped below 25,000 in intra-day but somehow the index managed to close above 25,000. However, after the decline in Thursday and Friday's sessions, the total market capitalization of the companies listed on BSE saw a total decline of ₹ 17 lakh crore.

On this day, 3 big heavyweight stocks - HDFC Bank, ICICI Bank and Reliance Industries contributed 40% to the index's decline. FMCG stocks also saw a decline on this day. ICICI Bank and Reliance Industries have now completely lost the momentum gained after September 11. Nifty is now 1,250 points down from the peak of 26,277. In such a situation, the level of 25,000 has become very important for the market and after this, investors will also keep an eye on the level of 24,750, which is the swing low of the month of September.

This week is also going to be very important for the market. The market will keep an eye on the tension between Iran and Israel. So far, no positive news has come regarding this geopolitical crisis. Apart from this, RBI's credit policy is to be announced on Wednesday. The next day i.e. Thursday (October 10), the results will be formally announced along with the results of TCS. US markets closed on a rise on Friday after the release of employment data , indicating from global markets . The Dow Jones closed at a record level even amid tensions in the Middle East. However, further growth in the market here will depend on the results of the third quarter. The rise in bond yields in the US market is indicating that inflationary pressure may increase again. In September 2024, 2.54 lakh people have got new jobs in the US. This figure was 1.59 lakh for August. These are the strongest job growth figures in the last 6 months. Israel's action in southern Lebanon has intensified. Lebanon's Health Minister has said that more than 1,400 people have died in Israeli airstrikes. In Asia, Japan's market is seeing a great boom today. The Nikkei index here is trading with a gain of more than 2%. South Korea's Kospi index is also trading with a gain of about 1%. Hang Seng futures are also bullish. FIIs - DIIs figures Foreign institutional investors have sold heavily on Friday. Along with this, FIIs have sold $5 billion in the cash market in the last 5 sessions. On Friday, domestic institutional investors were net buyers in the cash market. Outlook for Nifty today Rupak Dey of LKP Securities says that the sentiment for Nifty has now become very weak. There is selling pressure in the market from the upper levels. On the downside, there is support for the index at the level of 24,750. On the upside, there is resistance at the level of 25,300. Aditya Agarwal of Sanctum Wealth says that there will be strong support for Nifty between 24,800 - 24,750 and a pullback can be seen from this range. However, there will be strength supply in the zone of 25,300 - 25,450. Traders will be advised to reduce long positions at this level. Rajesh Bhosale of Angel One said that a strong bearish candle has formed with channel breakdown on the weekly chart. There will be support for Nifty first at 24,750 and then at 24,500. On Friday, the upper level i.e. 25,500 will be the resistance level for the index. However, he has advised traders to be cautious with short positions. Outlook for Nifty Bank for today


Last week has been the worst week of 2024 for Nifty Bank as well. Even after the release of the second quarter business update and shareholding pattern, there has been no relief on the HDFC Bank front. In such a situation, there may be changes in this stock for the second time under rebalancing in MSCI.
 

Om Mehra of SAMCO Securities said that Nifty Bank has formed an evening star pattern on the weekly chart, which means selling for some time. This index has slipped below 40 and 50 DEMA. Nifty Bank now has an important support at the level of 50,900. After slipping below this level, the decline in the index may increase further. After a short-term bounce, the index can reach 50,900.

Which stocks will be in focus today

Adani Energy Solutions: The company has formed a new subsidiary Adani Energy Solutions Global. Its objective is to explore new business opportunities in transmission projects outside India.

GAIL: MoU has been signed with AM Green to jointly develop renewable energy projects up to 2.5 GW and green chemical projects. This partnership focuses on the long-term supply of carbon dioxide for e-methanol production and exploration of hybrid renewable energy projects across India.

IndusInd Bank: Net advances grew 13% year-on-year and 3% quarter-on-quarter to ₹3.56 lakh crore. Deposits grew 15% year-on-year and 4% quarter-on-quarter to ₹4.12 lakh crore. CASA ratio increased to 35.9% from 39.4% last year and 36.7% in the previous quarter.

IDFC First Bank: The bank reported 32% year-on-year growth in deposits and 21% in loan growth. The bank said it reported strong growth in key financial metrics for the quarter ended September 30, 2024. Loans and advances grew 21.3% year-on-year, from ₹1.83 lakh crore as of September 30, 2023 to ₹2.22 lakh crore this year.

Macrotech Developers: The company has recorded an impressive quarterly pre-sales of ₹4,290 crore so far, an increase of 21% year-on-year. Pre-sales of about ₹8,300 crore were seen in the first half. Four projects have been added in Pune and Bangalore, with a gross development value of ₹5,500 crore. Net debt is ₹4,920 crore.

Bandhan Bank: Private sector Bandhan Bank has registered a 24.6% increase in business in the second quarter. The bank informed the stock markets that the total business reached ₹2,73,163 crore by the end of September 30, 2024, while it was ₹2,19,712 crore in the previous same period. In this way, the business of the bank has increased by 24.6%.

Titan: Tata Group company Titan said in its quarterly business update on October 4 that it has recorded revenue growth of about 25% year-on-year in the second quarter. The Tata Group company said that a total of 75 stores have been added during this period, taking Titan's total combined retail network presence to 3,171 stores.

MTNL: The company has not been able to repay the loan installment to SBI on time, due to which the bank has declared the company's account as NPA. SBI told the telecom company that the loan installment and interest payment for the term loan, which became overdue on June 30, 2024, was not paid for more than 90 days, due to which it has been downgraded to the NPA category from September 28, 2024.

Jio Financial Services:SEBI has given principal approval to the company and BlackRock Financial Management Inc. to become co-sponsors of a new mutual fund.

CG Power: Has entered into an asset purchase agreement with advanced semiconductor solutions supplier company Renesas Electronics Corporation for the acquisition of radio frequency component business. According to the company, this agreement was signed on 4 October between CG Power and Renesas Electronics' subsidiary Renesas Electronics America. The company said that with the help of this agreement, it will enter the semiconductor design business.

Lupin: USFDA has completed the pre-approval investigation of the company's biotech facility based in Pune, India. This investigation was conducted from 25 September 2024 to 04 October 2024 and was completed with five objections. The company said that it is addressing the objections and will respond to the US FDA within the stipulated time frame. Mumbai-based Lupin is an innovation-led multinational pharmaceutical company.

Union Bank: Deposits grew 1.45% quarter-on-quarter and 9.17% year-on-year to reach ₹12.41 lakh crore. The bank said global gross advances rose to ₹9.28 lakh crore, up 9.63% year-on-year and 1.82% quarter-on-quarter.

Indian Bank: The bank's total business grew 9.8% year-on-year to reach ₹12.44 lakh crore. The bank's total deposits grew 8.1% to ₹6.93 lakh crore.

IDBI Bank: The bank on October 04 reported a 15% year-on-year growth in its total business, which increased to ₹4.78 lakh crore for the quarter ended September 2024. The net advances of the bank saw a growth of 19%, from ₹1.68 lakh crore in the same quarter last year to ₹2.01 lakh crore.