POST-MARKET SUMMARY 09 November 2023

On November 9, after two days of flat closing, the equity indices ended on a negative note amid volatility, with Nifty down 48.20 points, closing at 19,395.30. Despite an initial marginal dip, the indices briefly turned positive in the early hours but predominantly remained in negative territory throughout the session, closing near the day's low. On the sectoral front, a mixed trend was observed, with realty and auto indices up 1% each, while Oil & Gas, FMCG, and Information Technology indices were down 0.5% each. 

NIFTY:  The index opened flat at 19,457 and made a high of 19,463 before closing at 19,395. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 19,480 while immediate support is at 19,350.

BANK NIFTY: The index opened flat at 43,626 and closed at 43,683. Bank Nifty has formed a small bullish candlestick with long upper shadow on the daily chart. Its immediate resistance level is now placed at 43,880 while support is at 43,470.

Stocks in Spotlight

▪  MTAR Technologies:  Stock plunged nearly 11% after the company’s management trimmed revenue guidance for FY24 to Rs 670 crore-Rs 700 crore from Rs 830 crore-Rs 860 crore due to deferment of shipment plans against confirmed orders from the clean-energy sector.

▪  Brigade Enterprises:  Stock jumped over 7% a day after the real estate developer's net profit jumped 72% YoY due to strong demand for housing projects.

▪  Gujarat Alkalies:  Stock slumped 3% after the company reported dismal earnings for Q2, largely bogged down by the weak demand environment plaguing the chemical sector.

Global News

▪  European markets edged higher on Thursday as momentum in markets picked up on the back of robust corporate earnings.

▪  Most Asia-Pacific markets rose Thursday after indices in the region fell for two straight days, while data from China showed consumer prices shrank faster than expected.

▪  US markets are not making any big moves as they are waiting for a more important speech from Federal Reserve Chair Jerome Powell this week.

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