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.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.