POST-MARKET SUMMARY 03 January 2024

On January 3, benchmark indices experienced a second consecutive day of selling pressure, leading to losses in benchmark indices. This decline signalled caution in the market ahead of the upcoming third-quarter earnings season. Despite this, broader market indices performed relatively well, with Nifty Small cap 100 ending flat and Nifty Midcap gaining 0.3%. The Nifty 500, the broadest index on NSE, saw a 0.26% decrease. Notably, Nifty Realty emerged as the top gainer among sectoral indices, rising by 1.2%. Other notable gainers included Nifty PSU Bank and Nifty Pharma, while Nifty IT and Nifty Metal experienced significant declines.

NIFTY:  The index opened flat at 21,661 and made a high of 21,677 before closing at 21,517. Nifty has formed a long bearish candlestick pattern on the daily chart, while making lower highs and lower lows for yet another session. Its immediate resistance level is now placed at 21,590 while immediate support is at 21,490.

BANK NIFTY: The index opened flat at 47,796 and closed at 47,704. Bank Nifty has formed a bearish candle with a long lower shadow on the daily chart, indicating buying interest at lower levels, while forming lower highs and lower lows for the fourth consecutive session. Its immediate resistance level is now placed at 47,800 while support is at 47,600.

Stocks in Spotlight

▪  Coal India: Stock slipped 1.8% despite the company recording all-time high volume of 98 million tonnes to non-regulated sector consumers till December in this fiscal.

▪  MOIL: Stock gained 3% intraday after the manganese ore producer recorded the highest ever monthly output in December 2023 but squandered the gains to close 0.06% lower.

▪  Bank of Maharashtra: Stock gained 3% after registering more than 20% growth in Q3 gross advances.

Global News 

▪  Gold prices fell on Wednesday as the dollar firmed, while investors looked ahead to the release of minutes from the Federal Reserve’s latest policy meeting and US jobs data for more clarity on potential interest rate cuts.

▪  The US dollar rose again after jumping the previous day as the yield on the 10-year Treasury note topped 4% and the recent risk rally hit a pause.

▪  Oil prices rose Wednesday after reports of a disruption to Libya’s top oilfield added to supply concerns emanating from tensions in the Red Sea.

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