POST-MARKET SUMMARY 01 January 2024
On January 1, the benchmark indices experienced a rangebound but volatile session, concluding the first day of the New Year with little change after reaching new record highs. The market commenced with slight losses and predominantly remained in negative territory throughout the session. In the final hour, a surge in buying activity propelled Nifty50 to achieve fresh record levels of 21,834.35. Nevertheless, profit booking at elevated levels nullified the gains, resulting in a marginal closing uptick. On the sectoral front, healthcare and PSU Bank witnessed a 0.5% increase each.
NIFTY: The index opened flat at 21,727 and made a high of 21,834 before closing at 21,741. Nifty has formed a small-bodied bullish candlestick pattern with a long upper shadow and a small lower shadow, which resembles a Spinning Top kind of pattern on the daily chart. Its immediate resistance level is now placed at 21,800 while immediate support is at 21,675.
BANK NIFTY: The index opened 89 points lower at 48,203 and closed at 48,234. Bank Nifty has formed a Doji sort of candlestick pattern on the daily chart. Its immediate resistance level is now placed at 48,300 while support is at 47,900.
Stocks in Spotlight
▪ Vodafone Idea: Stock rallied nearly 6% with strong volumes as the street awaits fundraising plans for the struggling telecom company.
▪ Bajaj Auto: Stock fell 1.5% after the company reported a 16% growth in total sales in December 2023, lagging behind analyst estimates of 25%.
▪ Yes Bank: Stock surged 4.7% after the bank received Rs 150 crore from a single trust in security receipts portfolio after the NPA portfolio sale.
Global News
▪ Gold prices gained on Friday and were headed for their best year in three, supported by expectations that the US Federal Reserve could begin easing its monetary policy as early as March next year.
▪ The dollar ended 2023 with its first loss since 2020 against the euro and a basket of currencies.
▪ Asia-Pacific markets fell on the last trading day of 2023, with China stocks being the sole exception as the country's tech companies continued their advance.
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