POST-MARKET SUMMARY 06 December 2023

On December 6, the benchmark indices notched gains for the seventh consecutive day, propelled by bullish momentum in information technology (IT) and power sectors, alongside sustained foreign investments. The indices reached a new high for the third straight day, driven by a strong rebound in IT amid reduced US recession fears and anticipation of robust summer demand in the power sector. The sectoral picture was mixed, with Media leading as the top gainer at 2.11%, followed by Oil & Gas, IT, and FMCG, each gaining 1%. Conversely, the Healthcare index slipped 0.67%, making it the top loser, followed by Pharma. 

NIFTY:  The index opened 95 points higher at 20,950 and made a high of 20,961 before closing at 20,937. Nifty formed a Doji kind of candlestick pattern on the daily chart while continuing its upward journey for the seventh consecutive session. Its immediate resistance level is now placed at 20,960 while immediate support is at 20,850. 

BANK NIFTY: The index opened 244 points higher at 47,256 and closed at 46,834. Bank Nifty has formed a long bear candlestick pattern on the daily scale. Its immediate resistance level is now placed at 47,250 while support is at 46,500.

Stocks in Spotlight

▪  Angel One:  Stock jumped over 7% to a 52-week high of Rs 3,246, after the stock broker recorded a 51% on-year surge in its client base during November.

▪  Himadri Speciality Chemical:  Stock gained 3.5% to hit a 52-week high of Rs 307.10, after the company’s board approved setting up of a manufacturing facility for Lithium-ion Battery (LiB) components.

▪  Hindustan Aeronautics:  Stock surged 6%, a day ahead of the two-day HAL Avionics Expo-2023 in New Delhi. 

Global News 

▪  Gold prices inched higher on Wednesday buoyed by lower bond yields, as investors awaited a crucial US employment report that could set the tone for Federal Reserve’s policy meeting next week.

▪  The dollar held near a two-week high while the euro was weak across the board as markets ramped up bets that the European Central Bank will cut interest rates as early as March.

▪  Oil prices fell on Wednesday, as investors weighed the effectiveness of an extension in OPEC+ cuts in tightening supply against a worsening demand outlook in China.

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