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Five-Star Finance Dips, Tata Power Jumps, IT Sector Feels US Tech Earnings Impact
Five-Star Finance Dips, Tata Power Jumps, IT Sector Feels US Tech Earnings Impact
Written by - Fisdom Research
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October 31, 2024
2 minutes
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Market Snapshot
Indian benchmark indices opened on a negative note, influenced by mixed global cues, and traded within a tight range with a mild negative bias through most of the session.
Sector-wise, FMCG, capital goods, and media gained 0.5-2%, providing some support to the market.
Meanwhile, banking, pharma, and IT sectors each declined by around 1%, weighing on broader market sentiment.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY MEDIA
1.8
NIFTY REALTY
-0.2
NIFTY MIDSMALL HEALTHCARE
1.8
NIFTY METAL
-0.2
NIFTY PHARMA
1.6
NIFTY OIL & GAS
-0.2
NIFTY HEALTHCARE INDEX
1.6
NIFTY PSU BANK
-0.2
Technical Outlook: Key Indices
Indices Name
Support
Resistance
Nifty
24,000
24,500-24,650
Bank Nifty
51,200
52,300-52,600
Top News
Five-Star Business Finance declined another 9% on October 31 to Rs 698, adding to the previous day’s 13% drop, as a reduced AUM growth outlook overshadowed its strong Q2 results.
Tata Power gained over 4% post-Q2FY25 results, where a 6% YoY increase in net profit to Rs 926.5 crore led several brokerages to maintain ‘Buy’ ratings on the stock.
Nifty IT index fell nearly 3% as disappointing earnings reports from major US tech firms, including Meta’s user figures and Microsoft’s revenue guidance, weighed on the sector.
Virtual Galalxy Infotech files for IPO to boost expansion
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