POST-MARKET SUMMARY 08 September 2023

On September 8, the market extended its winning streak for the sixth consecutive session, closing near its two-month high. This remarkable performance was driven by buying activities across various sectors, with the exception of healthcare. Interestingly, the market remained resilient, shrugging off the influence of weak global cues. The market opened on a positive note and continued to gain momentum throughout the day.

NIFTY: The index opened 47 points higher at 19,774 and made a high of 19,867 before closing at 19,819. Nifty has formed a bullish candlestick pattern on the daily scale. Its immediate resistance level is now placed at 19,900 while immediate support is at 19,650.

BANK NIFTY:  The index opened 75 points higher at 44,953 and closed at 45,156. Bank Nifty has formed a bullish candlestick pattern with a small upper shadow on the daily chart. Its immediate resistance level is now placed at 45,300 while support is at 44,800.

Stocks in Spotlight

▪ Landmark Cars Ltd:  Stock surged nearly 12% after the company signed a dealership agreement with Mahindra & Mahindra. This dealership will be established in one of the wholly owned subsidiaries of the company Landmark Mobility.

▪  Mazagon Dock Ltd:  Stock was up over 6% after the company signed a master ship repair agreement (MSRA) with the US Government, represented by NAVSUP Fleet Logistics Center (FLC) Yokosuka.

▪ PB Fintech Ltd: Stock traded 3% higher after a report said the company was looking to enter the insurance manufacturing market, moving up the value chain from being an insurance aggregator.

Global News

▪  Pan-European Stoxx 600 index was down 0.1% in early afternoon trade. The basic resources sector fell 0.94% while media stocks rose 0.57%.

▪  Gold remained firm on Friday as the dollar came off six-month highs, but bullion was still en-route to a weekly fall on chances of one more US interest rate hikes this year.

▪  Asia-Pacific markets traded lower on Friday as Japan released revised second quarter GDP figures. Hong Kong cancelled trade for the whole day due to a storm warning.

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