POST-MARKET SUMMARY 05 September 2023
On September 5, the Nifty climbed above 19,550, marking the third consecutive session of gains, led by mid-cap and small-cap stocks, and widespread sectoral buying. Despite this positive streak, the market remained rangebound with a cautious outlook, as US markets were closed on Monday, prompting investors to be selective. Monitoring the rupee's potential volatility is crucial, as it may influence Foreign Institutional Investor (FII) flows in the future.
NIFTY: The index opened 36 points higher at 19,564 and made a high of 19,587 before closing at 19,574. Nifty has formed a small-bodied bullish candlestick pattern on the daily chart, making higher highs and higher lows for the 3rd straight session. Its immediate resistance level is now placed at 19,700 while immediate support is at 19,450.
BANK NIFTY: The index opened 47 points higher at 44,625 and closed at 44,532. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 44,800 while support is at 44,200.
Stocks in Spotlight
▪ Angel One Ltd: Stock ended nearly 4% lower despite the company announcing that its gross client acquisitions for August surged 64.9% over the last year and 19% over the last month to 7.3 lakh.
▪ Rail Vikas Nigam Ltd: Stock gained over 1.5% after the company’s joint venture emerged as the lowest bidder for a railway project worth Rs 174 crore.
▪ DLF Ltd: Stock ended nearly 1.5% higher and scaled a 52-week high of Rs 525.80 after the real estate major announced a pipeline of residential project launches worth nearly Rs 20,000 crore scheduled for this fiscal.
Global News
▪ The Stoxx 600 index was 0.1% lower, trimming earlier losses, as sectors traded mixed. Construction and chemicals stocks both fell 0.65%, while financial services climbed 0.6%.
▪ Gold prices edged lower on Tuesday as the dollar stood firm near recent highs, although trading was subdued with traders looking for more cues on the US Federal Reserve’s policy path after a widely expected interest rate pause this month.
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