POST-MARKET SUMMARY 04 September 2023

On September 4, the benchmark indices closed in the green for the second consecutive session, with the Nifty comfortably settling above the 19,500 mark, thanks to widespread buying across various sectors. While the week started on a positive note, with the Index opening strong, it experienced a sudden downturn, erasing its initial gains. Nevertheless, the resilience of Metal stocks played a crucial role in the Index's recovery.

NIFTY: The index opened 90 points higher at 19,525 and made a high of 19,545 before closing at 19,528. Nifty has formed a Doji candlestick on daily chart, as the closing was near the opening levels. Its immediate resistance level is now placed at 19,620 while immediate support is at 19,400.

BANK NIFTY:  The index opened 211 points higher at 44,647 and closed at 44,578. Bank Nifty has formed a small bodied bearish candlestick pattern with a long lower shadow. Its immediate resistance level is now placed at 44,800 while support is at 44,000.

Stocks in Spotlight

▪ Coal India Ltd:  Stock gained 4.6% after the company posted a 13% on-year growth in production at 52.3 million tonnes in August.

▪ IDBI:  Stock traded 8% higher after the government invited bids for strategic divestment of the bank.

▪  IRFC: Stock zoomed 20% as trading volumes surged 11.11% from the previous day. The PSU stock has surged over 31% in the last two days. The surge in share price has pushed the IRFC market capitalization to over Rs 86,056 crore.

Global News

▪  The Stoxx 600 index hit its highest level since August 9 in morning trade and was up by 0.6% at midday London time.

▪  Gold prices climbed on Monday towards a one-month peak scaled in the previous session, supported by a slight pullback in the dollar and prospects that the US Federal Reserve would take a pause from interest rate hikes this year.

▪  Oil prices ticked up in Asian morning trade on Monday, as market sentiment was buoyed by positive China and US economic data, as well as expectations of ongoing crude supply cuts from major producers.

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