PRE MARKET
ANALYSIS
05-Nov-2024

Nifty closed in red on Monday; expecting a neutral market today with support at 23,800 and resistance at 24,200

Bank Nifty ended in red but outperformed the broader market; neutral outlook today with support at 50,800 and resistance at 51,600

FIIs continued selling on Monday; impact on market sentiment remains cautious.

Major corporate updates: RVNL and ZENITHDRUG secured significant contracts; MARUTI and EICHERMOT unveiled new electric vehicles—the ‘e VITARA’ BEV for 2025 and the ‘Flying Flea’ EV brand; DIXON formed a new subsidiary, Dixon Teletech; ADANIPOWER is receiving fast-tracked payments from Bangladesh after a supply cut; DLF’s ultra-luxury project will feature India’s costliest apartments; BOSCHLTD plans to cut over 7,000 jobs amid a lowered 2024 growth forecast; and ITDCEM received an open offer from Renew Exim DMCC.

Exide Industries saw modest revenue growth of 1.8% to ₹4,450 cr but a net profit decline of 13.7% to ₹233 cr, while IRCTC’s revenues rose 7% to ₹1,064 cr with a 4% net profit increase to ₹308 cr; key results awaited today from BERGEPAINT, DRREDDY, GAIL, TITAN, and others. Quick takeaways: Indian rupee hits an all-time low due to equity outflows, India plans to revamp power demand forecasting, and the semiconductor design sector is booming despite a Q2 hiring dip.