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.

Indices closing for 08th January 2024
Major Market Indices data
FII/DII Data
Nifty Gainers & Losers

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 WagonsStock 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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