POST-MARKET SUMMARY 06 October 2023

As anticipated, the benchmark indices responded favorably to the Reserve Bank of India's (RBI) policy announcement on October 6, resulting in a second consecutive session of gains, with the Nifty hovering around 19,650. The RBI's monetary policy committee (MPC) maintained the key lending repo rate at 6.5% for the fourth consecutive time, in line with expectations, as their primary objective remained centered on controlling inflation. Additionally, the broader indices also recorded upward movements, with each of them posting gains exceeding half a percent.

NIFTY: The index opened 76 points higher at 19,621 and made a high of 19,675 before closing at 19,653. Nifty has formed a bullish candlestick pattern with minor upper and lower shadow on the daily chart. Its immediate resistance level is now placed at 19,800 while immediate support is at 19,500.

BANK NIFTY: The index opened 182 points higher at 44,395 and closed at 44,360. Bank Nifty has formed a small bodied bearish candlestick pattern with minor upper and lower wicks on the daily chart. Its immediate resistance level is now placed at 44,600 while support is at 44,000.

Stocks in Spotlight

▪  Indigo: Stock jumped over 2% after the company announced a fuel charge on domestic and international routes, effective October 6, to offset rising aviation turbine fuel (ATF) prices.

▪  KPI Green Energy Ltd:  Stock gained over 1.5% after the company received new orders for executing solar power projects.

▪ Som Distilleries Ltd:  Stock slumped over 3% after the board of the alcoholic beverage maker approved a floor price of Rs 350/share for a QIP.

Global News

▪  The euro was heading for a record twelfth week of declines against the dollar, unless US jobs data later in the day pushes the currently all-dominant greenback lower.

▪  Asia-Pacific stocks were mixed as investors look ahead to US jobs data that could set the tone for the Federal Reserve’s next move for interest rates. The index was last trading 2.1% higher.

▪  Oil prices were stable on Friday but were on course for a week-on-week loss, as demand fears driven by macroeconomic headwinds were compounded by another partial lifting of Russia’s fuel export ban on Friday.

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