POST-MARKET SUMMARY 06 November 2023

On November 6, the Indian market continued its upward trend for the third consecutive session. Starting with a gap-up, the indices saw sustained gains throughout the day, and in the final trading hour, Nifty surpassed 19,400. The positive momentum was widespread across sectors, except for PSU Banks, which experienced a 1% decline. All other sectoral indices closed in positive territory, with pharma, capital goods, metal, oil & gas, power, and realty each gaining 1%.

NIFTY: The index opened 115 points higher at 19,345 and made a high of 19,423 before closing at 19,411. Nifty has formed a bullish candlestick pattern with minor upper & lower shadows on the daily chart. Its immediate resistance level is now placed at 19,480 while immediate support is at 19,350.

BANK NIFTY: The index opened 309 points higher at 43,627 and closed at 43,619. Bank Nifty formed a Doji candlestick pattern on the daily chart for the fourth straight session. Its immediate resistance level is now placed at 43,830 while support is at 43,400.

Stocks in Spotlight

▪ EIH: Stock surged over 5% after the company’s consolidated revenue surged 32.5% to Rs 552 crore, whereas consolidated net profit zoomed over four-fold to Rs 94 crore in the September-ended quarter.

▪   IEX: Stock gained over 4% after the company's total electricity volume registered an on-year rise of 21%.

▪   Aarti Industries: Stock surged over 10% as investors cheered the management's positive commentary and improved sequential performance, overlooking a disappointing September quarter.

Global News

▪   South Korea stocks surged on Monday after the country re-imposed a ban on short selling, while most Asia-Pacific markets cheered a soft US jobs report that helped reduce interest rate expectations.

▪   Oil prices climbed, after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year.

▪   Gold prices slipped after a slight uptick in US bond yields and ahead of a speech by Federal Reserve Chair Jerome Powell later this week for more clarity on the interest rate outlook.

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