POST-MARKET SUMMARY 05 December 2023

On December 5, the record-breaking rally continued into its second day as the market extended its winning streak for the sixth consecutive session, with Nifty comfortably closing above the 20,800 mark. A mixed trend was observed on the sectoral front, with the Power index surging by 6%, the oil & gas index gaining nearly 2%, and the Bank index increasing by 1%. Conversely, the Information Technology and Realty indices witnessed a decline of 0.5% each. 

NIFTY:  The index opened 122 points higher at 20,808 and made a high of 20,864 before closing at 20,855. Nifty has formed a bullish candlestick pattern with a long lower shadow on the daily chart, with higher highs and higher lows for six days in a row. Its immediate resistance level is now placed at 20,900 while immediate support is at 20,700. 

BANK NIFTY: The index opened 464 points higher at 46,895 and closed at 47,012. Bank Nifty continued its higher high and higher low pattern for eighth straight session, forming a bullish candlestick pattern with long upper & lower shadow on the daily scale. Its immediate resistance level is now placed at 47,240 while support is at 46,475.

Stocks in Spotlight

▪  Adani Green Energy:  Stock jumped 20% and got locked in the upper circuit after the company announced that it secured an additional $1.36 billion in funding via a senior debt facility.

▪  Brigade Enterprises:  Stock gained 5% intraday after the company signed a joint development agreement with landowners to develop a luxury residential project spread over 4 acres in Mysuru in Karnataka.

▪  M&M Financial Services:  Stock slipped 2.7% even though the company said its disbursement had grown 16% year-on-year to Rs 5,300 crore in November.

Global News 

▪  The US dollar regained some ground on Tuesday and hovered near a one-week high.

▪  Asia-Pacific markets fell across the board as investors assessed a slew of economic data from across the region. Hong Kong’s index tumbled 2.07% in its final hour to its lowest since November 2022.

▪  Oil prices climbed on Tuesday, lifted by uncertainty over voluntary output cuts by the OPEC+ group of producers, tensions in the Middle East and some encouraging economic signals in Europe.

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