POST-MARKET SUMMARY 02 January 2024
On January 2, the benchmark indices concluded the day in negative territory, with Nifty closing around 21,650, as selling pressure affected various sectors except for pharmaceutical and metal stocks. Top Gainer: DIVISLAB | Top Loser: EICHERMOT
![Liquide Post-Market Summary 02nd January 2024](/content/images/size/w2000/2024/01/Post-Market-2.jpg)
On January 2, the benchmark indices concluded the day in negative territory, with Nifty closing around 21,650, as selling pressure affected various sectors except for pharmaceutical and metal stocks. After an initial decline, the market continued to experience losses throughout the day. However, buying at lower levels provided some relief by mitigating some of the losses. In terms of sectors, the pharmaceutical index registered a 2.5% increase, while the auto, realty, capital goods, bank, and IT sectors witnessed a 1% decline each.
NIFTY: The index opened flat at 21,751 and made a high of 21,755 before closing at 21,665. Nifty has formed a bearish candlestick pattern on the daily charts. Its immediate resistance level is now placed at 21,720 while immediate support is at 21,600.
BANK NIFTY: The index opened 40 points lower at 48,194 and closed at 47,761. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 47,900 while support is at 47,500.
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Stocks in Spotlight
▪ NMDC: Stock gained 2.8% after the company increased prices of lump ores and fines. Its production in 2023 also rose 18% from 2022 levels.
▪ Alembic Pharma: Stock surged 3.5% after the company received 196 ANDA approvals from USFDA for tentative or final products during the December quarter.
▪ Vodafone Idea: Stock went down 5.59% after the company denied reports saying it was in talks with Elon Musk-promoted Starlink to manage its services in India.
Global News
▪ Gold prices gained on Tuesday, boosted by expectations of an easing of monetary policy by the US Federal Reserve in 2024 as investors look forward to a slew of economic data this week that could shed more light on the timing of rate cuts.
▪ European stocks slipped into the red on Tuesday afternoon, shortly after the regional benchmark hit its highest level in nearly two years.
▪ The dollar rose on the first trading day of the year, supported by higher US yields as attention turned to US jobs data and European inflation numbers this week, which may provide clues on central banks’ next moves.
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