POST-MARKET SUMMARY 05 October 2023

The equity markets ended on a positive note on October 5, breaking a two-day losing streak, thanks to a global market recovery. A slight rebound in US treasury yields and the dollar index also contributed to boosting investor confidence. In this context, it is advisable to monitor leveraged positions closely and give preference to major index stocks over other options.

NIFTY: The index opened 85 points higher at 19,521 and made a high of 19,576 before closing at 19,545. Nifty has formed a spinning top pattern on the daily chart, indicating a tug-of-war between the bulls and the bears at the higher levels. Its immediate resistance level is now placed at 19,700 while immediate support is at 19,400.

BANK NIFTY: The index opened 217 points higher at 44,181 and closed at 44,213. Bank Nifty has formed a small-bodied bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 44,400 while support is at 43,900.

Stocks in Spotlight

▪  TCS: Stock gained 1.5% after the IT services firm was selected by the Georgia Department of Labor to replace its 1980s-era legacy platform with a cloud-based unemployment insurance system.

▪  L&T:  Stock was up over 2% after its buildings and factories business bagged orders of Rs 2,500-5,000 crore.

▪ Marico Ltd:  Stock tanked 5% after the FMCG player reported that its consolidated revenue for the September quarter was marginally lower from the year-ago period, dragged by pricing corrections in key domestic portfolios over the last 12 months.

Global News

▪  Stoxx 600 index was up 0.36% after three negative sessions. Sectors were mixed, with travel stocks up 1.6%, and oil and gas down 1%.

▪  Asia-Pacific markets rose after U.S. Treasury yields eased from 16-year highs following much weaker-than-expected jobs data.

▪  Oil prices inched up in early trade on Thursday, clawing back some of the previous session’s big losses.

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