POST-MARKET SUMMARY 03 November 2023

On November 3, the stock market continued its upward momentum for the second consecutive day, buoyed by favorable international market signals, strong financial results for the September quarter, and widespread buying activity across various sectors. All sectors played a part in this positive trend, with real estate, oil & gas, and banking notably recording substantial gains. The broader indices also reflected this optimistic sentiment, showing an increase in the range of 0.6% to 1%.

 NIFTY:  The index opened 108 points higher at 19,241 and made a high of 19,276 before closing at 19,230. Nifty has formed a small-bodied bearish candlestick pattern with an upper and lower shadow, which resembles a Spinning Top kind of pattern on the daily chart, indicating indecisiveness among bulls and bears for a firm direction. Its immediate resistance level is now placed at 19,280 while immediate support is at 19,150.

BANK NIFTY: The index opened 301 points higher at 43,318 and closed at 43,318. Bank Nifty has formed a Doji candlestick pattern for third consecutive session, indicating a tug-of-war between bulls & bears for a clear direction. Its immediate resistance level is now placed at 43,550 while support is at 43,100.

Stocks in Spotlight

▪ KPI Energy:  Stock gained 5.2% after the company’s subsidiary bagged orders for 5.7 MW solar power projects under the Captive Power Producer (CPP) segment.

▪ Arvind Fashions:  Stock jumped 5.8% as the fashion player entered into a share purchase agreement with Reliance Beauty & Personal Care, which will acquire Arvind Beauty Brands.

▪  Cholamandalam Investment:  Stock fell 3.6% despite the company reporting a 35% on-year rise in net profit at Rs 762.49 crore for the September quarter.

Global News

▪  The dollar on Friday fell to its lowest since September after data showed the world’s largest economy created fewer jobs than expected last month, reinforcing expectations that the Federal Reserve is likely to pause hiking interest rates again at the December meeting.

▪  Gold prices gained on Friday and hovered around the key $2,000 mark as US dollar and Treasury yields slipped.

▪  Asia-Pacific markets rose at the end of the week, with investors accessing a fresh round of data for more clues on the health of business activity through the region.

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