POST-MARKET SUMMARY 04 January 2024
On January 4, the market snapped its two-day losing streak, propelling Nifty above 21,600 amidst widespread buying across sectors and broader indices. Despite weak global cues, the market commenced the session positively and continued to gain momentum throughout the day, with Nifty nearing 21,700 before settling close to the day's high. On the sectoral front, the Realty index witnessed a 6.6% increase, the power index rose by 2%, and the bank, capital goods, healthcare, and oil & gas indices recorded gains of 0.5-1%.
NIFTY: The index opened 88 points higher at 21,605 and made a high of 21,685 before closing at 21,658. Nifty has formed a bullish candlestick pattern on the daily chart, with higher highs and higher lows formation. Its immediate resistance level is now placed at 21,700 while immediate support is at 21,600.
BANK NIFTY: The index opened 101 points higher at 47,805 and closed at 48,195. Bank Nifty has formed a long bullish candlestick pattern on the daily timeframe and is trading above all key moving averages. Its immediate resistance level is now placed at 48,400 while support is at 48,050.
Stocks in Spotlight
▪ LTIM: Stock fell over 1.4% after receiving a tax demand of Rs 206 crore. The company plans to challenge the order.
▪ Torrent Power: Stock soared 7.7% after the power utility firm signed four contracts with the Gujarat government for a total of Rs 47,350 crore.
▪ Ujjivan SFB: Stock went up 3.8% after the company registered a solid 27% increase in loan book on a year-on-year basis to Rs 27,791 crore.
Global News
▪ China led losses in Asia-Pacific on Thursday, followed by Japan stocks which resumed trading after an extended New Year’s holiday during which the country witnessed an earthquake and an accident involving Japan Airlines.
▪ European stocks were higher, following two downbeat sessions amid uncertainty over the trajectory for central bank rate cuts.
▪ The dollar fell on Thursday, after rising to an almost three-week high a day earlier, with minutes of the Federal Reserve’s last meeting providing few clues on when the United States might start cutting interest rates.
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