POST-MARKET SUMMARY 07 November 2023

On November 7, the Indian equity indices faced a marginal dip in a session characterized by volatility, after enjoying three consecutive positive trading sessions. Despite an initial lower start influenced by mixed global cues, the market maintained a rangebound trajectory throughout the day. However, a last-hour surge in buying activity managed to offset some of the losses, resulting in a flat closure. In terms of sectoral performance, healthcare and oil & gas witnessed a 1% rise each while realty experienced a 1% decline. 

NIFTY:  The index opened flat at 19,404 and made a high of 19,423 before closing at 19,406. Nifty has formed a Doji kind of candlestick pattern on the daily chart. Its immediate resistance level is now placed at 19,480 while immediate support is at 19,310.

BANK NIFTY: The index opened flat at 43,598 and closed at 43,737. Bank Nifty has formed a bullish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 43,835 while support is at 43,500.

Stocks in Spotlight

▪  HPCL:  Stock gained 6.5% after the oil refining PSU registered a consolidated net profit of Rs 5,826.96 crore for the second quarter of 2023-24.

▪  Som Distilleries:  Stock tanked over 10% after reports of an income tax search operation at the company premises.

▪  Gujarat State Petronet:  Stock jumped 2.35% post registering robust profit growth of 36% on a QoQ basis to Rs 590 crore.

Global News

▪  South Korean stocks fell 2%, leading losses in the wider Asia-Pacific region as investors parse trade data coming out of China, as well as a rate hike by the Reserve Bank of Australia.

▪  Oil prices hit fresh 2½-month lows on Tuesday as mixed economic data from China offset the impact of Saudi Arabia and Russia extending output cuts.

▪  Gold fell to a near two-week low on a firmer dollar, with traders positioning for interest rate cues from a host of Federal Reserve speakers this week.

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