POST-MARKET SUMMARY 07 September 2023
Despite weak global cues, the Indian market managed to close higher for the fifth consecutive session on September 7. This uptrend was supported by gains in capital goods, banking, and real estate sectors, leading to the Nifty index crossing the crucial 19,700 level. Investors continue to display optimism regarding India's long-term growth potential.
NIFTY: The index opened 13 points lower at 19,598 and made a high of 19,737 before closing at 19,727. Nifty has formed a long bullish candlestick pattern on the daily chart. Trading volumes have remained high for all trading days since the beginning of the September series. Its immediate resistance level is now placed at 19,800 while immediate support is at 19,600.
BANK NIFTY: The index opened flat at 44,418 and closed at 44,878. Bank Nifty has formed a long bullish candlestick pattern on the daily scale. Its immediate resistance level is now placed at 45,000 while support is at 44,500.
Stocks in Spotlight
▪ HCL Tech Ltd: Stock closed 1.5% higher after the company signed a multi-year managed public cloud services agreement with German technology and high-tech industry giant Siemens AG.
▪ United Breweries Ltd: Stock jumped over 5% after the alcoholic beverages’ maker announced the appointment of Vivek Gupta as the new Managing Director and Chief Executive Officer.
▪ Strides Pharma Ltd: Stock rose nearly 4% after the company's board approved the acquisition of 100% shareholding in Strides Pharma Services Pvt Ltd.
Global News
▪ European stock markets were mixed on Thursday, with investors assessing US inflationary pressures and euro zone data.
▪ Asia-Pacific markets were mostly lower, following a sell-off on Wall Street and as investors assess trade data from China and Australia.
▪ Oil prices eased on Thursday as worries over demand due to a seasonal slowdown during winter and an uncertain economic outlook for China outweighed expectations of tighter supplies from extended production cuts in Saudi Arabia and Russia.
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