POST-MARKET SUMMARY 08 January 2024

On January 8, the domestic equity benchmarks fell ~1% each amid weak global cues. The nervousness preceding the Q3 earnings season and profit-booking contributed to this downturn. The major drags on the market included banks, financial services, and FMCG. The Nifty concluded the day at 21,513, down 197.80 points or 0.91%. Except for Nifty Media and Nifty Realty, which saw marginal gains of about 0.1% each, all other sectoral indices ended with losses. Nifty FMCG emerged as the most significant loser, registering a decline of 1.72%. Following closely, Nifty Bank witnessed a 1.47% fall, while Nifty Financial Services dropped by 1.03%.

NIFTY:  The index opened 37 points higher at 21,747 and made a high of 21,764 before closing at 21,513. Nifty has formed a big bearish candle on the daily chart. Its immediate resistance level is now placed at 21,600 while immediate support is at 21,475.

BANK NIFTY: The index opened 63 points lower at 48,096 and closed at 47,450. Bank Nifty has formed a bearish marubozu candle with significant volumes on the daily chart. Its immediate resistance level is now placed at 47,600 while support is at 47,400.

Stocks in Spotlight

▪  Honasa Consumer:  Stock surged 6.4% following a block deal, with 32.60 lakh shares worth Rs 142 crore changing hands on the exchanges.

▪  Godrej Industries: Stock jumped over 5% after the company signed a non-binding MoU with the Gujarat government to invest Rs 600 crore.

▪  Jupiter Wagons:  Stock gained 2.7% after the company received a Rs 100-crore order from an automobile manufacturer.

Global News

▪  Gold prices fell on Monday as fading expectations of an early rate cut in the U.S. kept the dollar and bond yields supported, ahead of a key inflation print due later this week.

▪  Oil prices fell over 2% on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East.

▪  The dollar held on to most of last week’s gains on Monday after posting its biggest weekly rise against a basket of other major currencies since July, putting a halt to the declines seen in late 2023.

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