POST-MARKET SUMMARY 09 October 2023

On October 9, the Indian stock market experienced a decline, wiping out the gains from the previous session and ending a two-day winning streak. This downturn was primarily driven by investor unease regarding escalating geopolitical tensions in the Middle East. Fearing potential consequences, investors chose to divest from equity assets, adopting a risk-averse approach. The primary concern was that a confrontation between Israel and Hamas could exacerbate the existing challenges faced by the global economy, including elevated interest rates and persistent high inflation.

NIFTY: The index opened 114 points lower at 19,539 and made a high of 19,588 before closing at 19,512. Nifty has formed a bearish candlestick pattern with long upper and minor lower shadows on the daily chart. Its immediate resistance level is now placed at 19,650 while immediate support is at 19,400.

BANK NIFTY: The index opened 303 points lower at 44,057 and closed at 43,886. Bank Nifty has formed a small bodied bearish candlestick pattern on the daily scale. Its immediate resistance level is now placed at 44,200 while support is at 43,600.

Stocks in Spotlight

▪  Adani Ports: Stock fell over 4% on mounting concerns over the fate of the Haifa Port that the Gautam Adani-led company controls in northern Israel, after the Hamas launched an attack on the country.

▪  MCX Ltd:  Stock advanced 5% intraday to a 52-week high before losing gains to close at 1% higher after it received the approval from SEBI tech panel to launch a new web-based commodity derivatives platform (CPD) after several delays with the market regulator earlier.

▪ Jupiter Hospitals Ltd: Stock slumped over 7% after the company reported an 18% erosion in net profit for the June quarter at Rs 30.4 crore.

Global News

▪  Stoxx 600 index was trading 0.2% lower, with retail stocks down 1.8% and banks down 1.4%. Oil & gas stocks were higher by 2.4% as crude oil prices surged.

▪  Asia-Pacific markets started the week on a mixed note as Chinese markets returned from a week-long Golden Week holiday.

▪  Gold prices climbed more than 1% on Monday as dramatic clashes between Israeli and Hamas forces over the weekend raised the risk of a wider Middle East conflict and spurred a rush to safe-haven investments like bullion.

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