POST-MARKET SUMMARY 05 January 2024

On January 5, Indian equity benchmarks continued their positive trend for second day, supported by buying in IT stocks. Investors exercised caution in anticipation of eurozone inflation data later in the day. Notably, Nifty IT led the sectoral indices with a 1.29% increase, while Nifty Auto and Nifty Realty also saw notable gains. Conversely, Nifty Pharma and Nifty PSU Bank experienced declines.

NIFTY: The index opened 47 points higher at 21,705 and made a high of 21,749 before closing at 21,710. Nifty has formed a doji candlestick pattern with a small upper shadow and a long lower shadow on the daily chart. Its immediate resistance level is now placed at 21,750 while immediate support is at 21,630.

BANK NIFTY: The index opened 50 points higher at 48,245 and closed at 48,159. Bank Nifty has formed a small bodied bearish candle with small upper shadow and long lower shadow on the daily chart. Its immediate resistance level is now placed at 48,300 while support is at 47,800.

Stocks in Spotlight

▪  Suzlon Energy:  Stock gained 4.9% after the company won an order to develop a 225-MW wind power project from Everrenew Energy.

▪  Shree Cement: Stock ended 4.9% lower after income tax department slapped a Rs 4,000-crore tax demand after it surveyed five locations of the company in June.

▪  KPI Green Energy:  Stock gained 1.5% after the company’s subsidiary, KPIG Energia, bagged a 3-megawatt solar power project contract from Jayco Synthetics.

Global News

▪  Gold prices slipped on Friday and were on track for their first weekly fall in four, weighed down by a stronger dollar and higher bond yields, while investors keenly awaited US non-farm payrolls data due later in the day.

▪  Oil prices gained on Friday, as US Secretary of State Antony Blinken prepared to visit the Middle East to try and prevent the Israel-Gaza conflict from widening.

▪  The dollar rose on Friday, heading for its steepest weekly rise since May as traders scaled back expectations of early US interest rate cuts this year.

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