POST-MARKET SUMMARY 08 November 2023

On November 8, the Indian benchmark indices concluded another volatile session on a flat note, with the Nifty gaining 36.80 points or 0.19% to close at 19,443.50. Despite mixed global cues, the market started on a neutral note and maintained a rangebound trajectory throughout the session. Among sectors, all indices, except IT and Bank (which experienced marginal declines), closed positively. Realty, oil & gas, healthcare, and capital goods showed a 1% increase each, while auto, FMCG, and metal saw a 0.5% uptick each. 

NIFTY:  The index opened 43 points higher at 19,449 and made a high of 19,464 before closing at 19,443. 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 19,400. 

BANK NIFTY: The index opened 54 points higher at 43,791 and closed at 43,658. Bank Nifty has formed a bearish candlestick pattern with a lower shadow on the daily chart. Its immediate resistance level is now placed at 43,880 while support is at 43,470.

Stocks in Spotlight

▪ HPCL:  Stock surged over 7% as wider margins on higher sales volume and falling crude prices helped the company.

▪  Cummins India:  Stock rallied over 4% after the company’s net profit increased by 23% to Rs 329.09 crore in the September quarter.

▪  Greenply Industries:  Stock gained nearly 4%, extending its rally for second straight session after the company’s consolidated revenue grew 23% on-year in the September quarter.

Global News

▪  Most Asia-Pacific markets fell in choppy trading on Wednesday, with South Korea’s benchmark index wiping out more than half the gains made earlier this week.

▪  Oil prices remained under pressure after sliding to their lowest in more than three months in the previous session, slipping further on concerns over waning demand in the United States and China.

▪  Gold fell for third straight session, with markets focusing on Federal Reserve Chair Jerome Powell’s remarks, while auto-catalyst palladium extended its retreat to a five-year low.

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